Egyptian Prime Minister Moustafa Madbouly said on Saturday that Egypt would fulfill its financial obligations and would not abandon its privatization program.

In a press conference, he noted that larger stakes in government companies would be offered for sale, stressing that the delay in implementing the privatization program was due to the government’s keenness to secure the best return from the sale.

“We are moving forward with the program strongly, and we will not back down from it,” the premier emphasized.

Madbouly revealed that Egypt aims to achieve $2 billion from the offerings plan before the end of June, adding that the Egyptian Sovereign Fund was managing the offerings and negotiating with all investment parties.

The Egyptian Cabinet announced last month that the government would start the executive procedures for the offering program, which includes listing a number of government companies on the stock exchange or selling shares to strategic investors.

The spokesman for the Egyptian government, Nader Saad, said consensus was reached among cabinet members to start the procedures for offering the “Wataniya” and “Safi” companies as part of the IPOs program.

In February, Madbouly announced plans to sell stakes in at least 32 companies by the end of March 2024, as part of the state’s efforts to support and encourage the private sector, which would increase its contribution to the Egyptian economy and increase foreign capital.

These measures are expected to support the Egyptian Stock Exchange, which witnessed a remarkable recovery this year.

Meanwhile, the Egyptian Minister of Finance, Mohamed Maait, met with Manal Corwin, the Director of the OECD Center for Tax Policy and Administration, on the sidelines of their participation in the joint annual meetings of Arab financial bodies, in Rabat.

Corwin expressed OECD’s commitment to continue supporting international tax reforms in Egypt, and to build on long-term cooperation, praising the Egyptian measures aimed at addressing tax challenges related to the global trend towards the digital economy.