Egyptian government plans to sell more state-owned enterprises, says Bloomberg

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Bloomberg issued a report stating that Egypt is seeking to attract more foreign direct investment, in addition to negotiating a new loan with the International Monetary Fund, after the high import prices of food and fuel due to the war in Ukraine.

The Egyptian Minister of Planning and the head of the Egyptian Sovereign Fund, Hala Al-Saeed, said that Egypt aims to raise six billion dollars before the middle of next year by selling stakes in state-owned companies.

During an interview with her in New York, Bloomberg quoted Al-Saeed as saying that negotiations will be held with sovereign funds in the Gulf and elsewhere to promote investment in Egypt. Al-Saeed added that the goal is to liquidate assets worth up to $3 billion, including a power plant built in cooperation with Siemens AG, within three to six weeks. The Abu Dhabi Wealth Fund and Saudi Arabia’s Public Investment Fund have already pumped nearly $3 billion into Egypt to acquire government stakes in prominent companies.