$2 billion is a target proceeds from government offerings before the end of June

Egyptian Prime Minister Mostafa Madbouly said that his country will continue the initial public offerings program and will not back down, indicating that the goal is to achieve about $2 billion before the end of next June from this program.

Support exports

Madbouly added that a new program has been prepared for a period of 3 years with specific controls, and 30 billion pounds has been allocated to support exports, despite the challenges that the country face.

He continued, "The issue of our exports is a national security issue, and from the beginning of next July, the process to support exports will be fully mechanized, and with a maximum of 3 months, the funds will be available for the manufacturer."

Madbouly stated that a sixth phase of reimbursement of export burdens at a value of EGP 10 billion was approved to cover the value of export subsidies for shipments until December last year.

sovereign fund

Madbouly explained that the sovereign fund is negotiating with investment agencies to implement the offering program, while the Central Bank is preparing the banks that will be offered. He pointed out that the fund is preparing more than 10 companies affiliated with the armed forces to include them in the offering program, in addition to “Wataniya” and “Safi”.

The list of companies to be offered includes 3 banks, 4 state-owned real estate companies, and a number of hotels owned by the Ministry of Public Enterprise Sector.

The companies to be offered belong to 18 different economic sectors and activities, including the insurance sector, the electricity and energy sector, and the petroleum sector, in addition to offering companies in the transportation and container handling sectors.

companies that will be offered

The companies that will be offered in the next two months are the Egyptian Linear Alkyl Benzene Production Company (ELAP), Paints and Chemical Industries (Pachin), Misr Aluminum, Port Said Container Handling, and Damietta Container Handling, in addition to the United Bank.

Most of these companies will be owned by a strategic investor with the aim of providing dollar liquidity, in addition to selecting 8 additional companies from the National Service Projects Authority to include them in the offering program, bringing the number of program companies from 32 to 40.