Egyptian Prime Minister Mostafa Madbouly convened a meeting on Monday at the government headquarters in the New Administrative Capital to review the progress of the government’s asset monetization program.
In attendance were Hassan Abdalla, Governor of the Central Bank of Egypt; Tarek El Molla, Minister of Petroleum and Mineral Resources; Hala El Said, Minister of Planning and Economic Development; Mohamed Maait, Minister of Finance; Mahmoud Esmat, Minister of the Public Enterprise Sector; and representatives from relevant ministries and bodies.
Prime Minister Madbouly emphasised the program’s significance as a cornerstone state policy since the issuance of the State Ownership Policy Document. This document aims to bolster private sector participation in the national economy.
Madbouly remarked, “Our current focus is to capitalise on the positive momentum generated by the recent decisions and reforms implemented by the government and the Central Bank of Egypt. This entails finalising structural reforms across key productive sectors that contribute to increased export rates, particularly in industry, agriculture, communications, and information technology.”
He further noted that export earnings, coupled with recent government deals and agreements, would contribute to higher dollar inflows.
Madbouly elaborated that the meeting aimed to assess the completion of the government offerings plan and its long-term viability, in collaboration with the International Finance Corporation (IFC), the government’s strategic advisor on the asset monetization program. The IFC was officially appointed today in this capacity.
The collaboration with the IFC seeks to leverage their expertise and support for the government offerings program. This includes restructuring and preparing targeted companies for private sector acquisition, alongside improvements in corporate governance to enhance capital flows and align with the state’s economic recovery vision.
The meeting also reviewed the offering status of various companies across different sectors. This initiative aims to broaden ownership structures, attract investments, and propel the development of these companies.
