https://en.sputniknews.africa/20241206/egypt-to-privatize-at-least-four-military-owned-companies-1069575659.html
Egypt to Privatize at Least Four Military-Owned Companies
Egypt to Privatize at Least Four Military-Owned Companies
Sputnik Africa
Egypt is facing one of its most severe economic crises in decades, with foreign debt quadrupling since 2015 to reach $160.6 billion in the first quarter of... 06.12.2024, Sputnik Africa
2024-12-06T11:17+0100
2024-12-06T11:17+0100
2024-12-06T17:31+0100
economy
egypt
gaza
cairo
international monetary fund (imf)
middle east
north africa
reforms
military
company
https://cdn1.img.sputniknews.africa/img/07e8/0c/06/1069575787_0:160:3072:1888_1920x0_80_0_0_741db55ecb44b57bfb40b14e1bae3b51.jpg
Egypt will float up to four companies owned by the Egyptian military on the Egyptian Exchange (EGX) as part of a wider privatization drive aimed at boosting the nation's struggling economy, Prime Minister Mostafa Madbouly announced.The move is part of a broader privatization drive aimed at boosting the country's struggling economy, according to the prime minister.More upcoming initial public offerings will include state-owned companies in the banking, industrial, pharmaceutical, and investment sectors, the official added.The privatization push is a crucial element of Egypt's $8 billion IMF-backed economic recovery program (expanded from an initial $3 billion), which is designed to attract foreign investment and stimulate growth in the Middle East's most populous country.However, a recent IMF review of the loan program ended without the expected disbursement of $1.2 billion, citing the need to accelerate privatization and reduce the state's role in the economy.
https://en.sputniknews.africa/20241204/egypt-joins-pan-african-payment-system-to-boost-intra-african-trade-report-says-1069542267.html
egypt
gaza
cairo
middle east
north africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Muhammad Nooh Osman
https://cdn1.img.sputniknews.africa/img/07e7/04/0a/1058467512_0:0:1280:1280_100x100_80_0_0_ec723833bcbfcaed2e21952965ad99e4.jpg
Muhammad Nooh Osman
https://cdn1.img.sputniknews.africa/img/07e7/04/0a/1058467512_0:0:1280:1280_100x100_80_0_0_ec723833bcbfcaed2e21952965ad99e4.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Muhammad Nooh Osman
https://cdn1.img.sputniknews.africa/img/07e7/04/0a/1058467512_0:0:1280:1280_100x100_80_0_0_ec723833bcbfcaed2e21952965ad99e4.jpg
economy, egypt, gaza, cairo, international monetary fund (imf), middle east, north africa, reforms, military, company
economy, egypt, gaza, cairo, international monetary fund (imf), middle east, north africa, reforms, military, company
Egypt to Privatize at Least Four Military-Owned Companies
11:17 06.12.2024 (Updated: 17:31 06.12.2024) Muhammad Nooh Osman
Writer/Editor
Egypt is facing one of its most severe economic crises in decades, with foreign debt quadrupling since 2015 to reach $160.6 billion in the first quarter of 2024. Major infrastructure projects, such as a new administrative capital, as well as the ongoing Israeli war in the neighboring Gaza Strip, have contributed significantly to this debt burden.
Egypt will float up to four companies owned by the Egyptian military on the Egyptian Exchange (EGX) as part of a wider privatization drive aimed at boosting the nation's struggling economy, Prime Minister Mostafa Madbouly announced.
The move is part of a broader privatization drive aimed at boosting the country's struggling
economy, according to the prime minister.
"As part of this plan, there will be an announcement about the offering of three or four military-affiliated companies which will be listed on the Egyptian stock exchange," Madbouly said. "No details will be disclosed until the announcement is made next week."
More upcoming initial public offerings will include state-owned companies in the banking, industrial, pharmaceutical, and investment sectors, the official added.
The privatization push is a crucial element of Egypt's $8 billion IMF-backed economic recovery program (expanded from an initial $3 billion), which is designed to attract foreign investment and
stimulate growth in the Middle East's most populous country.
However, a recent IMF review of the loan program ended without the expected disbursement of $1.2 billion, citing the need to accelerate privatization and reduce the state's role in the economy.
