Egypt plans IPO of state-run companies

Egypt plans IPO of state-run companies

The news comes as Egypt is working to move ahead on a sweeping economic reform programme key to helping the North African nation raise sorely needed hard currency amid a crunch sparked by Russia’s war against Ukraine.

The country of more than 104 million has already secured a $3 billion International Monetary Fund loan package, devalued the currency three times in the past year and is waiting for Gulf Arab allies to step up with billions of dollars more in investments. Though that money was previously pledged, little of it has trickled in.

Officials had unveiled a list of 32 state-run companies, including several banks, that would either be listed newly on the stock exchange, witness additional stake sales or be offered to strategic investors.