Egypt eyes $3bln from 2nd group of IPOs next year

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Cairo – Egypt's Minister of Planning, Hala El-said, revealed that the first group of initial public offerings (IPOs) fund will be completed within a few weeks at a value of $3 billion.

Addressing the fourth annual economic conference of Hapi Journal, El-Said added the country targets another $3 billion from offering the second group next year.

Additionally, she said that investments of the private sector represent 55% of Egypt’s economy.

Last month, the Egyptian minister announced that Egypt has set up a pre-IPO fund, with the aim of holding public stakes and working with strategic investors ahead of public offerings.

The Arab world’s most populous nation will revisit its forecasts for the economy by next October to account for shocks from abroad. The country has recently benefited from improvements in foreign direct investment (FDI) and exports, according to El-said.

The minister, who’s also chairing Egypt’s sovereign wealth fund, reiterated that the government currently favours a flexible exchange rate, given the fact that it is definitely good for the economy that is now pressured due to Russia’s invasion of Ukraine.

El-said further added that the government is working hard to raise the country’s foreign exchange receipts by boosting exports, FDI, as well as remittances from abroad.