Egypt Reviews State Exit Plan as Gov't Presses Ahead with Privatization Agenda

Egyptian Prime Minister Mostafa Madbouly on Sunday reviewed progress on the government's reform of state-owned enterprises and the implementation of its plan to reduce state ownership in selected companies, reaffirming Cairo's commitment to expanding private-sector participation in the economy.

The review took place during a meeting at the government's headquarters in New Alamein City, attended by Deputy Prime Minister for Economic Affairs Hussein Eissa and Hashem El-Sayed, Assistant to the Prime Minister and Chief Executive of the State-Owned Enterprises Unit.

Opening the meeting, Madbouly said the government has made tangible progress in improving the performance of state-owned companies and maximizing the value of their assets and production capacity as part of a broader strategy to enhance the management of public assets and increase their contribution to Egypt's economic growth.

He said the government is closely monitoring the performance of state-owned enterprises while continuing to implement its divestment program in line with the State Ownership Policy Document. The initiative aims to expand the role of the private sector across key economic activities, improve the efficiency of public asset management, attract domestic and foreign investment, and strengthen business confidence in the Egyptian economy.

Hussein Eissa said the restructuring program is designed to deliver a qualitative transformation in the performance of state-owned companies by modernizing management systems, increasing production capacity, improving operational performance, strengthening oversight mechanisms, and embedding higher standards of governance and transparency.

According to Cabinet spokesperson Mohamed El-Homsani, the meeting also reviewed reform initiatives at several state-owned companies and assessed progress under Egypt's government offerings program, which involves the sale of stakes in selected public-sector firms.

Officials discussed measures implemented over recent months, as well as the roadmap for the next phase of the program, with the objective of broadening ownership, attracting additional local and international investment, enhancing the competitiveness of the Egyptian economy, and accelerating the execution of the government's privatization strategy.

Hashem El-Sayed said implementation of the state's divestment plan remains on schedule and is proceeding in line with the previously announced timetable.