Public sector debt reaches EGP 45bn: Khalid Badawi

Daily News Egypt
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Minister of Public Enterprise Sector Khalid Badawi

Minister of Public Enterprise Sector Khalid Badawi said that the total debt of public sector companies to all parties amounts to EGP 45bn, including debt to the National Investment Bank amounting to EGP 21bn.

Badawi, at a suhoor event on Wednesday, said that the public sector’s total debts to electricity and gas companies amounted to about EGP 15bn, pointing out that it will be paid three to five years, after paying a down payment of 25% for electricity and 10% for gas.

Part of the settlements could be waived for shares in the indebted public companies or some of their assets.

Badawi explained that the government IPO programme will start next month.

In March, the government announced a list of 10 companies that will have additional shares listed, with 15-20% of each of the companies to be listed over the next 24 to 30 months. The cumulative value of the listings is expected to rise to EGP 80bn, raising the collective market capitalisation to EGP 450bn

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