Egypt: Approval of IMF recommendation for bigger role of private sector

Egypt’s President Abdel Fattah al-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from and turn over to the private sector, a cabinet statement said.

The document’s approval was required by the International Monetary Fund, which this month approved a $3 billion financial support package for Egypt.

The statement said the policy aims to give the private sector a greater role in helping the economy grow, create jobs and increase investment and exports. It is unclear which sectors will be handed over to private entities. However, in May the country outlined an array of state assets that would be offered to private investors. They included electric vehicles, data centers and oil and gas networks, Zawya reports.