Monday 23 April 2018
Last update on Monday, April 23, 2018 At 7:16 AM
Egypt’s economy is under pressure, forcing the government to look for alternative financing sources. As a matter of fact, it appears that since 2011, the Gift of the Nile has driven out tourists and foreign investors.
Thus, Egypt established a privatisation program, in order to relaunch its attractiveness. The government disclosed (on Sunday, 25th March 2018) the name of 23 state-owned companies that will sell stakes from this year, to private investors. The main goal is to attract investors to the Cairo Exchange, and boost public finances by raising 4,53 billion dollars.
This list includes companies from various sectors, such as banking, petroleum, real estate and industry. In his statement, the finance ministry announced that those companies could sell stakes ranging from 15 to 30% over the next two years.
Overall, privatisation is not unknown to Egypt: in 1991, the country chose 314 companies to privatise, and in 2005, companies such as Telecom Egypt or AMOC (Alexandria Mineral Oils Co) also sold state’s stakes.
Nour Ben Omar.
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