Egypt aims to raise EGP 6 bn from the sale of stakes in state-owned companies on the EGX in FY 2017-18, Finance Minister Amr El Garhy tells Reuters, without specifying which companies would be involved, or the exact size of the stakes that will be offered to investors. “The government plans to sell minority stakes of 20-30% mainly through stock exchange offerings, which are widely seen as more transparent and could also help strengthen the bourse and attract investors,” Reuters says. State-owned Banque du Caire is expected to list in 1H2017. EGX Chief Mohamed Omran criticized the government for failing to set an exact timeline for the listings, saying it has reflected negatively on the EGX, AMAY says.

This comes as Egypt is targeting USD 9 bn in external financing during FY2017-18, including USD 3 bn from international debt markets and USD 5-6 bn from international lenders, Deputy Finance Minister Ahmed Kouchouk tells Al Borsa. The government plans to hold another FX-denominated bond issue sometime in 2018, he added.

Meanwhile, Investment and International Cooperation Minister Sahar Nasr said she is looking to boost foreign direct investments in Egypt to USD 10 bn next fiscal year, the newspaper reports. As we noted yesterday, El Garhy’s targets were more ambitious, suggesting FDI will reach USD 13-15 bn.