Prime Minister Mostafa Madbouly said that it is so important to make actual assessment of the government’s Initial Public Offerings (IPO)’s assets in accordance with the standards applied in the global market in order to double the value of selling such assets and optimize them.
The premier’s remarks were made on Tuesday19/12/2023 during his meeting with a delegation of the International Finance Corporation (IFC) to review the progress achieved in the joint cooperation programs between Egypt and IFC as regards the implementation of the government IPO.
Minister of International Cooperation Rania El Mashat, Vice President of IFC Sérgio Pimenta, Regional Director of IFC Sheikh Omar Sylla and Regional Industry Head of Operations, Financial Institutions Group (FIG) Africa, IFC, Nivanne Mortagy attended the meeting.
The premier pointed out that today’s meeting comes as part of periodical follow-up of IPO’s program which is given high attention by the Egyptian State as it is considered a key took for enabling the private sector and increasing its contribution to the Egyptian economy.
He said the government has received a proposal from IFC including an executive plan for the technical and financial aspects of the corporations’ IPOs in the targeted sectors in the first phase, adding that discussions raised included annexing new sectors to the program.
Mashat, for her part, said IPO’s program is part of the State’s Ownership Policy Document which has been declared in December 2022 to involve the private sector in the State’s economy.
IFC Sérgio Pimenta, for his part, appreciated the full support IFC has been receiving from the Egyptian State to ensure the success of the IPO’s program. He also commended the strenuous efforts exerted by the State to implement structural reforms that could enhance the role of the private sector and create the proper climate for all investors from the international markets.
He also noted that the Egypt market is attractive for international investments and voiced readiness for more cooperation with the Egyptian government.
During the meeting, IFC officials also affirmed that Egypt’s IPO program is giving big international confidence to the Egyptian economy and discussed means of annexing new sectors to the IPO’s program to lure in more international investors.
