Misr Insurance Company Ownership Transferred to Egypt’s Sovereign FundSource: www.export-egypt.com 3/14/2023, Location: Africa |
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Egypt’s President Abdel-Fattah El-Sisi issued decree no. 103 for 2023, transferring complete ownership of the Misr Insurance Holding Company to the Sovereign Fund of Egypt (TSFE).
Before its issuance, the company was under the jurisdiction of the Ministry of Public Business Sector. The company is among 32 state-owned companies that Egypt intends to offer under its initial public offering (IPO) by beginning the process of listing the army-owned National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum. Egypt also plans to offer four other state-owned companies through investment banks, Prime Minister Mostafa Madbouly said. The International Monetary Fund (IMF) estimates the financing gap Egypt will witness over the next four years will be $17 billion. Under the IMF's Extended Fund Facility loan deal for Egypt, the state has committed to financing the gap by securing loans from international financial institutions and selling stakes in state-owned assets or offering them to strategic investors. The IMF conducts its first review of Egypt’s $3 billion loan programme. If its results are approved, Egypt would receive $347 billion as a second tranche of the loan. |
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