Egypt in December agreed a $3 billion rescue plan with the International Monetary Fund (IMF) in expectation that the state withdraw from some non-strategic sectors of the economy to allow space for the private sector to grow. "The whole goal is to increase the participation of citizens and the private sector in the development process and their management and participation in public institutions that have been owned by the state," Madbouly said, adding that a detailed plan should be in place after the next cabinet meeting. The company offerings will be made over the course of a year, with some being sold on the stock exchange and others to strategic investors, Madbouly said. "Large investors will also participate in restructuring and expanding production lines of the companies while also increasing their capital," he added. (Reporting by Mahmoud Mourad, Aidan Lewis and Momen Saeed Atallah Writing by Nafisa Eltahir and Patrick Werr Editing by David Goodman)
(Adds details)
CAIRO, Feb 1 (Reuters) - Egypt's government aims to
announce a detailed plan next week to offer stakes in at least
20 state companies over the coming year, Prime Minister Moustafa
Madbouly said after a cabinet meeting on Wednesday.
An Egyptian plan to sell stakes in public companies, first
announced more than five years ago, has gained new urgency since
the Russian invasion of Ukraine triggered heavy foreign
investment outflows from Egyptian financial markets and threw
the economy into crisis.
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