Egypt to sell over 10 army-owned companies: PM
Egypt to sell over 10 army-owned companies: PM
The premier's announcement came one day before Fitch Solutions had raised its forecast for Egypt’s inflation in 2023 to 32.3 per cent, up from an average of 25.9 per cent in the previous month.
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Egypt has been undergoing an economic crisis that forced the government to look for new sources of foreign currency, including the sale of state assets to wealthy Gulf nations. [Getty]
Egyptian Prime Minister Mostafa Madbouli has announced on Saturday that more than 10 army-affiliated companies will be listed soon for investors as part of its ongoing initial public offering (IPO) programme.
“The offerings will be finalised before the end of June for as much as $US 2 billion as per a plan declared earlier,” the premier told reporters following the inaugural ceremonies of a number of projects in the 10th of Ramadan and New Obour cities, east of Cairo.
The announcement came one day before Fitch Solutions had raised its forecast for Egypt’s inflation in 2023 to 32.3 per cent, up from an average of 25.9 per cent in the previous month.
In March, another two army-run companies, Safi, which produces bottled mineral water, and Wataniya Petroleum, a nationwide chain of petrol stations, were listed for potential investors among state-owned firms.
The economic influence of the Egyptian military institution has tremendously increased after President Abdel-Fattah al-Sisi, the former defence minister, took over the country in 2014.
Egypt has been undergoing an economic crisis that forced the government to look for new sources of foreign currency, including the sale of state assets to wealthy Gulf nations.
On the other hand, the Egyptian local currency has already been struggling against the US dollar leading prices to hike, especially since Egypt depends on importation rather than local production.
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