The Egyptian prime minister, Mostafa Madbouly, said on Wednesday that the government hopes to list at least 20 state-owned companies in 2023 as part of a larger strategy aimed at generating more revenues for the cash-strapped country.

Not all companies will be listed on the EGX (the Egyptian stock market); some will see major shares sold to strategic investors. Those investors are expected to restructure state-owned companies, raise more capital and generate more job opportunities, Madbouly said in a press conference held after the cabinet meeting.

“The objective is to invite more citizens and the private sector to take part in the development process, and to have them manage and hold shares in government-owned entities. This is our strategic goal,” he told reporters.

Reducing the state footprint in the economy and empowering the private sector have been among the key conditions set by the International Monetary Fund to approve a $3-billion loan to Egypt.

Mabdouly said his cabinet was working around the clock to finalize the list of companies that are expected to be floated and a detailed plan will be revealed next week.  

However, the EGX annual report released last month had named a number of government-owned companies that are expected to go public. The names include Alex Bank, Misr Insurance, ENPPI, Assiut Oil Refining Company, Middle East Oil Refinery Company, The Egyptian Ethylene & Derivatives Company, Banque du Caire, Misr Life Insurance, Egyptian Drilling Company and ELAB.

The same report also mentioned listed state-owned companies that are expected to hold further IPOs including Alexandria Mineral Oils, Housing and Development Bank, eFinance, Madinat Nasr for Housing and Development, Heliopolis Company for Housing and Development, Egyptalum, Sidi Kerir Petrochemicals Company, Abu Qir Fertilizers and Chemicals Industries Company and Alexandria Container and Cargo Handling Company.

(Writing by Noha El Hennawy; editing by Seban