– Egypt expects to raise between $2 billion and $2.5 billion from the state’s initial public offering (IPO) program in fiscal year 2024/2025, according to Finance Minister Ahmed Kouchouk.

– The government plans to withdraw from seven sectors, including pharmaceuticals and construction, reduce investments in seven sectors, such as power plants, and encourage private sector investments in four sectors.

-Since March 2023, Egypt has raised up to $3.1 billion from government offerings. Additionally, the country is considering issuing green bonds and sukuk in Egyptian pounds in the local market to address the budget deficit.

Egypt anticipates generating between $2 billion and $2.5 billion from the relaunch of its state initial public offering (IPO) program during the fiscal year 2024/2025, Finance Minister Ahmed Kouchouk disclosed in an interview with Asharq Business.

The program aims for government withdrawal from seven sectors, including pharmaceuticals, chemicals, and construction, and intends to reduce investments in seven other sectors, such as power plants, while opening up four sectors for private sector investment.

Since March 2023, Egypt has already secured up to $3.1 billion from government offerings, following $2.5 billion from state asset divestments in 2022.

Minister Kouchouk mentioned that Egypt is also considering issuing green bonds and sukuk in Egyptian pounds within the local market to tackle the budget deficit. However, he did not clarify the focus on the local market over the global market.

In September 2020, Egypt issued the region’s first sovereign green bonds worth $750 million, which were five times oversubscribed. In February 2023, the country launched its first sovereign sukuk, valued at $1.5 billion for a three-year term.