The Egyptian Cabinet demanded the Planning and Economic Development ministry finish up the investment banks’ estimation of the assets and companies offered to the Arab funds and the lists of state-owned assets to be publicly offered or transferred to Egypt’s Sovereign Fund. The Cabinet added that the planning ministry is also assigned to finish the necessary measures to publicly offer the water salination and green hydrogen projects, including their real estate and gathering them up under a holding company.
The statement came as an update on the government announcement of a massive privatization plan, the State Ownership Policy, which included the public offering of USD 40 billion-worth assets and projects over four years. The most prominent assets to be offered involved the largest seven seaports in the country on both the Mediterranean and the Red Sea, along with the transport megaprojects such as the monorail.
The governmental plan resulted from the urgent economic crisis Egypt confronted due to the Ukrainian war and the failure of the economic reform over the previous years to promote the Egyptian economy’s resilience. In the same vein, the International Monetary Fund had called upon the Egyptian government in July 2020 to reduce the governmental monopoly on some sectors to allow more expansive spaces for the private sector to expand.