CAIRO, May 5 (Xinhua) -- Egypt has finalized deals worth 6 billion U.S. dollars under its program to sell stakes in state-owned companies, the government announced on Monday.
The announcement came in a cabinet statement following a meeting chaired by Prime Minister Mostafa Madbouly to review the progress of the asset sale program, often referred to as the "IPO program."
Since the initiative began, 21 deals have been completed across 11 sectors, the statement said, citing a review presented during the meeting attended by the central bank governor and relevant ministers.
Egypt announced in February 2023 plans to list 32 state-owned Egyptian companies on the Egyptian Exchange (EGX) and also offer them to strategic investors as part of efforts to boost the private sector and secure foreign currency.
Madbouly emphasized the program's goals include increasing private sector participation in the economy, attracting more investment, broadening the ownership base on the stock exchange, and helping the state meet its financing needs, according to the statement.
He added that the government remains committed to implementing its State Ownership Policy document, which guides the strategy for reducing the state's footprint in certain economic sectors and encouraging private investment. ■
