Egypt has set up a pre-IPO fund, with the aim of holding public stakes and working with strategic investors ahead of public offerings, Egypt’s Minister of Planning and Economic Development, Hala El-said, told Bloomberg Television on Tuesday.
The Arab world’s most populous nation will revisit its forecasts for the economy by next October to account for shocks from abroad. The country has recently benefited from improvements in foreign direct investment (FDI) and exports, according to Elsaid.
The minister, who’s also chairing Egypt’s sovereign wealth fund, reiterated that the government currently favours a flexible exchange rate, given the fact that it is definitely good for the economy that is now pressured due to Russia’s invasion of Ukraine.
