Egypt signed Sunday a five-year agreement with the International Finance Corporation (IFC) to advise on its Initial Public Offering (IPO) program under which dozens of state-run companies will be listed on the stock market. The World Bank’s for the Empowerment of the Private Sector will act as a strategic advisor to the government for the implementation of the government’s draft program, the Egyptian government said in a statement. The agreement was signed by Dr. Rania Al-Mashat, Minister of International Cooperation, Governor of Egypt at the World Bank Group, and Mr. Mokhtar Diub, the Associate Member of the IFC. Egypt has been in economic and financial distress as a result of the pandemic. The North African country is planning to float several state-run companies in view of luring more investments.

Source: The North Africa Journal June 19, 2023 12:47 UTC