Egypt To Sell Stakes in Military Firms as Part of IMF-Backed Reforms
Egypt will begin selling shares of military-owned companies on the stock exchange later this year, part of an effort to reduce the state’s economic footprint and attract private investment. Prime Minister Mostafa Madbouly announced the move Wednesday during a press conference following a cabinet meeting in Cairo.
The planned sales follow an agreement signed earlier in the day between the Sovereign Fund of Egypt, the National Service Projects Organization of the Armed Forces, and a group of investment banks and consulting firms. The agreement outlines the first wave of companies to be offered, including gas station chains Wataniya and Chillout, bottled water brand Safi, food producer Silo Foods, and the National Company for Roads Building and Development.
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“We will begin offering a number of these companies, as we promised, during this year, and we will complete the rest in 2026,” Madbouly said. He described the step as part of Egypt’s “state exit strategy” and ongoing efforts to increase returns on public assets.
The move aligns with requirements from the International Monetary Fund (IMF), which has pressed Egypt to expand private sector participation in the economy. Last week, the IMF released a $1.2 billion loan tranche following its fourth review of Egypt’s reform program. The country is now operating under an $8 billion Extended Fund Facility first agreed in March 2024, which replaced and expanded a 2022 agreement.
Egypt is grappling with a severe shortage of foreign currency and high debt levels, which have led to several devaluations of the Egyptian pound and sharp interest rate increases.
