CAIRO, May 5 (MENA) - Prime Minister Mostafa Madbouli on Monday chaired a high-level meeting to follow up on the latest developments in the implementation of the Egyptian government’s IPO (Initial Public Offering) program.

The meeting was attended by Governor of the Central Bank of Egypt Hassan Abdalla, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, Minister of Electricity and Renewable Energy Mahmoud Essmat, Minister of Finance Ahmed Kouchouk, Minister of Public Enterprise Mohamed Shimi, Minister of Investment and Foreign Trade Hassan El Khatib, Minister of Petroleum and Mineral Resources Karim Badawy, acting CEO of the Sovereign Fund of Egypt (TSFE) Noha Khalil, along with other senior officials from various ministries and relevant entities.

During the meeting, Madbouli reaffirmed the government’s strong commitment to the success of the IPO program, which aims to strengthen the state’s ability to meet financing needs, expand public ownership via the Egyptian stock exchange, attract more investment inflows, enhance the role of the private sector in economic activity, and increase its share in public investment in the coming years.

He emphasized the importance of ensuring the program’s sustainability within the framework of the State Ownership Policy Document.

He also noted ongoing coordination with international institutions to secure the technical support needed to enhance the efficiency of state-owned enterprises and improve their adherence to transparency and governance standards, thus ensuring competitive neutrality and maximizing returns on state-owned assets.

The meeting revealed that 21 deals across 11 sectors have been completed so far, totaling $6 billion.

The International Finance Corporation (IFC) has been contracted as the government’s advisor for the IPOs, and the process has begun to offer management and operation rights for several airports.

IFC's role focuses on selecting assets for preparation, determining the best offering strategy, and reviewing the sectors prioritized for upcoming offerings.

Agreements related to the IPO of a group of companies owned by the Armed Forces’ National Service Projects Organization (NSPO) are being carried out through specialized advisory firms. These efforts fall under the framework agreement signed between the NSPO and TSFE, under which the fund is responsible for restructuring and managing the listing process of these military-owned companies. (MENA)

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