Solar Energy News
MILPLEX
Egypt to float up to four army-owned firms: PM
Egypt to float up to four army-owned firms: PM
by AFP Staff Writers
Cairo (AFP) Dec 4, 2024

Egypt plans to float up to four military-owned companies on the stock market as part of a broader privatisation plan to attract investment and boost the economy, Prime Minister Mostafa Madbouly said on Wednesday.

The government has been under pressure to sell stakes in state-owned companies under a bailout package secured from the International Monetary Fund (IMF) in December 2022.

"As part of this plan, there will be an announcement about the offering of three or four military-affiliated companies which will be listed on the Egyptian stock exchange," Madbouly told a news conference in Cairo.

"No details will be disclosed until the announcement is made next week," he added.

Early this year, the IMF expanded its loan package from $3 billion to $8 billion to help Egypt manage its economic challenges amid regional instability.

Madbouly said that the initial public offerings that will be announced next week will also include state companies in the banking, industrial, pharmaceutical and investment sectors.

Last month, the IMF carried out a delayed review of the 46-month loan programme which ended without unlocking $1.2 billion in expected financing.

The IMF said that it had "encouraged the authorities to accelerate their divestment plans, and to speed up reforms to level the playing field and reduce the state footprint in the economy".

The Arab world's most populous country is facing one of its worst economic crises in decades.

Foreign debt has surged fourfold since 2015 to stand at $160.6 billion in the first quarter of 2024, driven in part by large-scale projects, including a new capital east of Cairo.

The war in Gaza has also worsened the country's economic situation.

Repeated attacks on Red Sea shipping by Yemen's Huthi rebels in support of Palestinians in Gaza have resulted in Egypt's revenues from the Suez Canal - a key foreign currency earner -- falling by more than 70 percent this year.

Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
MILPLEX
Biden administration announces additional $725M security aid for Ukraine
Washington DC (UPI) Dec 2, 2024
The U.S. Department of Defense on Monday announced a $725 million security assistance package for Ukraine in its war against invading Russia. The assistance includes artillery, rockets and air defense capabilities. In a statement from the White House, administration officials said the assistance is part of the surge in security assistance that President Joe Biden announced on September 26 to put Ukraine in the strongest possible position against Russian invaders. Monday's announce ... read more

MILPLEX
A new catalyst can turn methane into something useful

Liquid Sun secures funding to scale sustainable aviation fuel production

Turning emissions into renewable methane fuel

Turning automotive engines into modular chemical plants to make green fuels

MILPLEX
Helping robots make good decisions in real time

Manta ray-inspired soft robot sets new speed record

Nvidia signs deal to establish AI centre in Vietnam

Trump appoints 'czar' of AI and crypto policy

MILPLEX
Baltic Sea wind farms impair Sweden's defence, says military

Sweden blocks 13 offshore wind farms over defence concerns

Sweden's defence concerned by planned offshore wind power

On US coast, wind power foes embrace 'Save the Whales' argument

MILPLEX
Moving towards economical decarbonization in transport

Breakthrough in EV battery monitoring with advanced random forest algorithm

Want to design the car of the future? Here are 8,000 designs to get you started

Germany charges ex-Continental execs over 'Dieselgate'

MILPLEX
Burned rice hull ash offers sustainable boost to battery performance

KSTAR launches 2024 plasma experiments to refine fusion reactor technologies

Breakthrough in heat-to-electricity conversion demonstrated in tungsten disilicide

Bolivia announces $1 bn deal with China to build lithium plants

MILPLEX
Europe's oldest nuclear power plant to shut in 2033: Swiss operator

UK nuclear plants to stay open longer in cleaner power boost

France's Orano says Niger junta controls uranium firm

Serbia lifts moratorium on nuclear power

MILPLEX
Brazil trumpets emission cut plans at UN top court

Earning money while supporting power grid stability

Ukraine says energy sector 'under massive enemy attack'

Contentious COP29 deal casts doubt over climate plans

MILPLEX
After decades of plantation agriculture, coconut palms dominate over half of Pacific atoll forests

Mangroves save $855 billion in flood protection globally, new study shows

Beeches thrive in France's Verdun in flight from climate change

Congo Basin forests shrink due to illegal logging

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.