Egypt is seeking to raise close to $6 billion before the middle of next year by selling stakes in state-owned businesses, as it seeks to revive an economy hit by Russia’s invasion of Ukraine.
The country’s planning minister Hala Elsaid says the program may include share offerings to the public or block sales to strategic investors, and will be supported by the country’s sovereign wealth fund.
However, she didn’t identify which companies might be sold.
Egypt wants to attract more foreign direct investment — while also negotiating a new loan with the International Monetary Fund — after taking a hit from soaring food and fuel import bills as a result of the war in Ukraine. It saw $22 billion in outflows from the local debt market since March.
The country has also set up a “pre-IPO” fund, which aims to restructure some state-owned assets and prepare them for stake sales.
The target is to transfer assets worth as much as $3 billion to that fund within three to six weeks, among them a power plant co-built by Siemens AG.
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