Egypt Will Sell Shares of Army-Linked Companies Through Its National Investment Fund
Egypt plans to sell parts of some military-owned companies through the Sovereign Fund of Egypt (TSFE), the Prime Minister’s Office said on Wednesday. This is part of a larger plan to increase private ownership in the country.
Plan to Sell Army-Owned Companies
The Egyptian Sovereign Fund (TSFE), the Armed Forces’ National Service Projects Organization, and several local and international consulting firms have signed agreements to help restructure and sell parts of companies owned by the army.
Prime Minister Mostafa Madbouly and Investment Minister Hassan El Khatib were present at the signing ceremony. The deals were signed by Major General Magdy Anwar from the Armed Forces Projects Organization and Noha Khalil from the Sovereign Fund.
Representatives from financial firms EFG Hermes (Mohamed Hafez Gabr) and CI Capital (Amr Helal) also signed as financial advisors.
These agreements are part of the government’s plan to sell state-owned companies to private businesses so they can manage and run them.
Some of the companies involved include:
- National Petroleum Services Co.
- ChillOut
- Silo Foods Industries
- Safi
- Wataneya Company for Roads
Some sales will be finished in 2025, and the rest in 2026.
IMF Loan and Economic Reforms
Egypt is selling assets in state-owned companies to encourage more private sector involvement. This is one of the conditions set by the International Monetary Fund (IMF) for Egypt to receive a larger $8 billion loan.
In March last year, the IMF reviewed Egypt’s economic plan and approved a $5 billion increase to the original loan, giving Egypt $820 million right away. Another $820 million was given in July after the third review.
Last month, Egypt received another $1.2 billion after the fourth review.
In March, the IMF confirmed that Egypt is still planning to end fuel subsidies by the end of 2025. The fuel price in Egypt is currently benefiting from low international prices.
Published: 10th April 2025
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