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.