Egypt: The Egyptian government will soon unveil its plan to list at least twenty state-owned companies in 2023

The Egyptian government will soon unveil a plan to list at least 20 state-owned companies on the stock market, Prime Minister Mostafa Madbouly announced on February 1.

“The detailed plan for the introduction of no less than 20 companies on the stock market will be examined at the next meeting of the Council of Ministers,” he said during a press briefing, indicating that the objective of this plan is “to increase the weight of the private sector in the economy”.

At the end of December 2022, the Egyptian government adopted a “Strategic document on corporate shareholding” which provides for a significant disengagement of the State from the productive sector, for the benefit of local and foreign private investors, with a view to bringing the contribution of the private sector to the economy at 65% in 2025 against 30% in 2021.

Strengthening the weight of the private sector is included in the reform program submitted by the Egyptian government to the International Monetary Fund (IMF) in return for a loan of 3 billion dollars over 46 months, approved by the multilateral financial institution last December .

According to Egyptian media, Banque du Caire, Misr Fertilizers Production Company and Misr Life Insurance Company are among the companies set to float on the stock market this year, alongside a port operator and several hotel units.