Space Industry and Business 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 way to create realistic 3D shapes using generative AI

Scientists explore sustainable use of fly ash for water treatment

Bioinspired dropletronics pave the way for advanced biocompatible devices

A film capacitor that can take the heat

MILPLEX
China launches communication technology satellite aboard Long March 3B

Orbit secures $9M contract to provide satellite communication systems for Israeli defense forces

Airbus to deliver advanced satellite modems to UK MoD for Skynet comms

Fleet Space Centauri 6 advances resilient SATCOM for defence

MILPLEX
MILPLEX
Deciphering city navigation AI advances GNSS error detection

China advances next-generation BeiDou satellite navigation system

Space Systems Command and U.S. Navy achieve major MGUE program milestone

N. Korea jams GPS signals, affecting ships, aircraft in South

MILPLEX
Macron says Paris, Riyadh have 'will' to progress fighter jet sale

Study defines sustainable aviation and provides framework for progress

NASA to test technology for X-59's unique shock wave measurements

NASA advances sustainable aircraft testing with innovative wing design

MILPLEX
Superconducting quantum processors enable precise insights into quantum transport

Photonic processor could enable ultrafast AI computations with extreme energy efficiency

ASML sees business as usual despite US chip export curbs

China curbs exports of key chipmaking components to US

MILPLEX
Expanded AI Model with Global Data Enhances Earth Science Applications

Google says AI weather model masters 15-day forecast

Lessons from Earth's ancient climate show risks of shrinking tropical rain belts

MINE-THE-GAP project to transform mining oversight with AI and satellite data

MILPLEX
With blasts and grit, Colombia fights gold mines run by crime gangs

Can insects play a role in reducing microplastic pollution

What bees reveal about environmental contamination through honey

Relief as Delhi schools reopen but smog crisis persists

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.