Egypt’s Initial Public Offering (IPO) programme, which commenced in February 2023, has attracted $3.5 billion in investments so far, Minister of Finance Mohamed Maait said on Sunday.
Speaking at the International Monetary Fund (IMF) symposium in Cairo, Maait emphasized that the IPO programme is a robust catalyst for empowering the private sector and augmenting its role in the country’s economy.
Under the State Ownership Policy Document, Egypt’s IPO programme aims to offer 35 state-owned companies to strategic investors by the end of June 2024.
During his address, Maait also underscored Egypt’s commitment to strengthening multilateral cooperation with global entities in order to explore innovative financing solutions that bridge the financing gaps arising from escalating geopolitical tensions.
Furthermore, Maait emphasized the government’s efforts to bolster the private sector, aligning with its strategic plan to increase the sector’s contribution to the economy from 60 percent to 90 percent between 2024
and 2030.
He also highlighted the government’s measures to expand social protection coverage, particularly for vulnerable groups affected by global crises, in order to alleviate the burden of inflation.
“The government has extended the reach of the Takaful and Karama programme to encompass 5.2 million families, augmenting their monthly grants by 25 percent, in addition to a 15 percent increase in pensions,” stated Maait.
Source: State Information Service Egypt
