(Bloomberg) -- Egypt’s program to offer stakes in state-held companies in various sectors will be reviewed in light of the current “extraordinary” circumstances the nation is facing, Prime Minister Mostafa Madbouly said Wednesday.
The objective of program, which includes either offering stakes of the firms on the stock exchange or to strategic investors, remains unchanged — creating more opportunities for the private sector in the economy, said Madbouly. However, what could be reviewed are the sectors and the size of the offerings, he said. Officials had initially listed over 30 companies to be offered.
“The current circumstances require us to review it continuously,” Madbouly said in a press conference, noting that the program, when first drawn up, was to be reviewed every three years.
The program was launched as a key part of the government’s push to revive the economy amid what was the nation’s worst foreign currency crisis in decades. It’s also part of International Monetary Fund-backed reforms that helped Egypt secure an expanded $8 billion loan that opened the door for billions of dollars more in international assistance.
But progress has been slow, with only very few stake sales being realized. Authorities are pushing ahead now with the sale of United Bank, an IPO they hope to launch early next year.
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