Davos 2023: Egypt sees high demand from investors after currency drop- minister

Egypt is seeing good investor appetite for stakes in its state-owned enterprises, the country's planning minister said on Wednesday, as the government pursues partial privatisations to drum up funds after a sharp fall in the value of its currency.

Egypt, faced with a currency crunch exacerbated by the war in Ukraine, recently started a $3 billion IMF programme that calls for reducing the state's footprint in the economy, liberalising the exchange rate and rationalising spending.

It includes a goal of raising $2-2.5 billion by mid-year from sales before any initial public offerings on the stock market, a target Planning Minister Hala al-Said told Reuters Egypt was on track to reach.

"There is a lot of appetite to the Egyptian economy. I think definitely the stock market is at its best now," she said on the sidelines of the World Economic Forum in Davos.

Sectors under consideration include industry, agriculture, telecoms, she said, without giving any details of any particular companies or deals.