Egypt is looking to add eight more state-owned enterprises to its list of 32 companies to be listed under the government’s initial public offering program, according to the Minister of Finance, Mohamed Maait.
The minister made these remarks during his participation in the Financial Sector Conference in Riyadh, the capital of Saudi Arabia, according to Ahram Online.
The government launched proceedings to offer two military-owned companies, the National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum, starting next Wednesday.
In addition, four enterprises will be available through investment banks in 2023.
Moreover, Maait said the government is targeting $10 billion in net foreign direct investment (FDI) inflows in the FY2022–23. year ending June 30, up from $8.6 billion in the FY 2021–22.
However, the first seven months of the current fiscal year showed signs of improvement. The initial surplus rose to EGP 33.7 bn, up from EGP 15.2 bn in the corresponding course of FY2021/2022, Maait added.
