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Egypt aims to raise as much as $6 billion before the middle of next year by selling stakes in state-owned businesses, according to the country's planning minister.
The program may include share offerings to the public or block sales to strategic investors. She didn't say which companies were up for sale.
After taking a hit from soaring food and fuel import bills as a result of the war in Ukraine, Egypt wants to attract more foreign direct investment. Since March, it has seen $22 billion in outflows from the debt market.
Egypt talks China, Japan loans, and the International Monetary Fund needs a month or two to complete a deal.
The state will play a smaller role in the economy in order to comply with the advice of the International Monetary Fund.
A unit of Saudi Arabia's Public Investment Fund has pumped $3 billion into Egypt, snapping up government-held stakes in prominent companies.
Saudi Arabia has agreed to give Egypt $10 billion in pledges.
The landmark sale of stakes in some firms held by Egypt's army is likely to be included.
There is a plan for a trip to Europe and Asia by the end of October in order to showcase the investment opportunities in Egypt.
She said that sovereign wealth funds add value by adding expertise, finance and technology.
Egypt has set up a fund to restructure some state-owned assets so they can be sold.
Assets worth as much as $3 billion will be transferred to the fund within three to six weeks.
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