Egypt targets $6.5bn revenues in 2024 from government IPO program
TLDR
- Egypt targets $6.5 billion from IPO program by 2024, with $3.5 billion already secured
- Minister Maait emphasizes private sector involvement for economic growth
- Government aims for 65% private sector participation, leveraging Golden License for foreign investments
Egypt aims to generate $6.5 billion through the state's initial public offering (IPO) program by the end of 2024, announced Minister of Finance Mohamed Maait during the eighth annual Arab Fiscal Forum in Dubai.
Maait highlighted that the IPO program plays a crucial role in attracting additional investment inflows, to enhance the private sector's involvement in the country's economic landscape. As of January 14th, Egypt had already secured $3.5 billion from the IPO program.
Furthermore, Maait emphasized the government's commitment to promoting private sector participation in public investments, aiming to achieve a target of 65% in the coming years. This initiative aligns with efforts to leverage the Golden License, which facilitates foreign investment opportunities in Egypt.
Key Takeaways
In August 2023, the Egyptian government announced its intention to offer stakes in 35 state-owned firms to strategic investors by the end of June 2024, according to the State Ownership Policy Document. This initiative follows the government's successful divestment of stakes in 13 enterprises, which yielded $5 billion between March 2022 and July 2023, as reported by local newspaper Ahram Online. The IPO program represents a key component of the government's efforts to attract more investors and address the economic crisis and the shortage of hard currency. By facilitating the participation of strategic investors, Egypt aims to bolster its economic landscape and strengthen private sector involvement in the nation's development trajectory. This emphasis on IPOs underscores Egypt's strategic approach to enhancing its economic prospects and fostering greater engagement from private investors, aligning with broader objectives to stimulate economic growth and stability.
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