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Egypt targets $US5.6 billion in revenues from IPO by the end of 2024

Egyptian Finance Minister Mohamed Maait said that the government IPO program will enhance his country’s ability to meet financing needs, aiming to achieve revenues of up to US$5.6 billion by the end of 2024.

Maait’s statements came during his participation in the Eighth Forum for Public Finance in Arab Countries in Dubai on Tuesday.

The government IPO program contributes to attracting more investment flows, he said, which aim to maximize the role of the private sector in economic activity, and raise its participation in public investments to 65 percent in the coming years.

He also referred to the “golden license,” which helps accelerate the implementation of investment projects and opens up broader horizons for foreign investments.

“We are dealing with more balanced and cautious policies with successive global economic crises, with their intertwined repercussions that have become increasingly complex with geopolitical tensions, in a way that enables us to contain the severity of internal and external shocks and complete the process of financial discipline,” he explained.

He added that “We are continuing with structural reforms, to enhance economic recovery efforts, by enabling the private sector to play its desired role as the locomotive of development, by providing promising investment opportunities to the private sector, ensuring optimal use of state resources, through an integrated policy for managing state-owned assets, and programs stimulating private investments.”

And Maait explained that the state is eager to “Pursue financial policies that are more supportive of productive and export activities, based on providing monetary and investment incentives, linked to real targets for sectors of strategic importance and global competitiveness, in line with the government’s efforts aimed at stimulating the private sector, including the state ownership policy document.”

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