Egypt plans to list at least 20 state-owned companies on the stock market this year, Prime Minister Mostafa Madbouly said on Wednesday, as the government seeks to attract foreign investors and revive the economy.
The companies will be privatised to varying degrees, Mr Madbouly said.
Details about the initial public offerings will be disclosed after next week's cabinet meeting, he said.
There have been media reports that the government plans to sell stakes in eight state-owned luxury hotels, but it was not clear if they were included in Wednesday's announcement.
Egypt first announced plans to privatise some of its state-owned businesses years ago.
Plans to press ahead with the move took on added urgency following the outbreak of the Russia-Ukraine war nearly a year ago, which has had a devastating impact on the nation's economy.
The global pandemic also affected Egypt severely and its economic problems include a foreign currency crunch and double-digit inflation. Its currency has lost about 50 per cent of its value since March last year.
A US dollar now sells for about 30 pounds at the banks, up from about 16 pounds on the eve of the Russia-Ukraine war.
Some of the companies will be ready to be offered within two to three months, while others will take longer, Mr Madbouly said.
"The number will not be less than 20 companies, all of which will be initially offered to expand the participation of citizens in their ownership as well as institutional investors to restructure those companies, expand their production and capital," he said in televised comments following a cabinet meeting.
The IPOs will be open to private citizens and to "strategic" investors, he added.
Egypt in December agreed to a $3 billion rescue plan with the International Monetary Fund. The deal is contingent on the country introducing a flexible foreign exchange regime and reducing the state's footprint in the economy to allow more room for the private sector.
Mr Madbouly said the plan to privatise state-owned enterprises came from his government, which it subsequently informed the IMF about during the lengthy negotiations that led to the December deal.
In response to a reporter's question, Mr Madbouly sought to reassure the public on the benefits of privatising state enterprises.
He said foreign investors already active in the Egyptian market were reinvesting about 80 per cent of their earnings in the enterprises they bought into ― to expand them and increase profit.
"We, as a government, are keen on the careful execution of this plan," he said.
