Egypt secures $6 billion from privatization of state-owned firms

Egypt has raised $6 billion through the sale of stakes in state-owned enterprises as part of its privatization initiative, announced during a cabinet meeting led by Prime Minister Mostafa Madbouly. This program, launched in February 2023, aims to privatize 32 companies to enhance private sector involvement, attract investment, and address financial obligations amid economic reforms supported by the International Monetary Fund. So far, 21 deals across 11 sectors have been completed, reflecting the government’s commitment to reducing its commercial role and implementing the State Ownership Policy.