Egypt is planning to raise $5bn from the sale of its stakes in various public and private assets by June 2024.
Among the assets to be sold are 20% of AlexBank, a subsidiary of Italy’s Intesa Sanpaolo, and 45% of Vodafone Egypt, the country’s largest mobile operator, by the Ministry of Finance and the Ministry of Communications and Information Technology, respectively.
A strategic investor is expected to purchase these stakes. Sources have revealed that the Qatar Investment Authority is close to finalizing the deal to buy the government’s stake in Vodafone Egypt next month.
The government also intends to list the Canal Mooring & Lights Company on the Egyptian Exchange by the end of this year and offer one of the power stations to strategic investors before the end of September.
Other assets that will be sold include the wind farm in the Gabal el-Zeit region, which is scheduled to be sold next October, the National Company for Producing and Bottling Natural Water (Safi) to be sold by December, and both the wind farm in the Zaafarana area and the Siemens power station in Beni Suef by June 2024.
Additionally, the government plans to sell a water desalination project that includes 21 plants, four of which are expected to be completed in the first half of next year.
The government had previously appointed HSBC to obtain approval from German lenders to complete the sale of the Siemens station in Beni Suef, which is part of the government IPO program that includes 32 companies. The government aims to sign various major contracts related to green hydrogen before the COP 28 climate conference this year and to attract four international companies in the industrial sector through the Investment Authority this year.
