Egypt pushes private sector role in Africa and privatizes state firms

Former Assistant Minister of Foreign Affairs for African affairs, Abu Bakr Hafni Mahmoud said that Egyptian government efforts in Africa need real partnerships with the private sector, noting that public funds alone cannot finance the continent’s investment needs. He cited mixed‑financing agreements worth $900 billion with companies in Côte d’Ivoire and European sovereign‑wealth funds, and called for the development of intra‑African trade corridors.

Assistant Prime Minister Hashim El Sayed announced that twenty Egyptian state‑owned companies have been temporarily listed on the Egyptian Exchange, with ten more to follow within days. The move is part of a broader privatization and corporate‑governance programme launched in January, covering sectors such as petroleum, chemicals, tourism and textiles, aimed at improving performance, attracting private capital and enhancing the overall economy.