Egypt is set to list up to four military-owned companies on its stock market, Prime Minister Mostafa Madbouly announced Wednesday.
The move forms part of a sweeping privatization plan aimed at boosting investments and reviving the nation’s struggling economy.
This effort aligns with conditions of a bailout package secured from the International Monetary Fund (IMF) in December 2022, Madbouly noted.
“Details of these offerings will remain confidential until the official announcement next week,” he said during a Cairo press conference.
The IMF expanded its loan program earlier this year from $3 billion to $8 billion, citing Egypt’s mounting economic challenges.
The upcoming initial public offerings will include firms in banking, pharmaceuticals, industry, and investment, Madbouly confirmed.
An IMF review of Egypt’s loan program last month urged accelerated reforms and reduced state dominance in the economy.
Egypt, the Arab world’s most populous nation, is grappling with an unprecedented economic crisis worsened by foreign debt.
External debt has surged to $160.6 billion in early 2024, driven by ambitious megaprojects and regional instability.
The Gaza conflict has further strained the economy, with attacks on Red Sea shipping cutting Suez Canal revenues by over 70%.
The government faces growing pressure to implement swift reforms to stabilize its economy and restore investor confidence.
