- Egypt to sell shares in Siemens built power plants
- To offer up stakes in four state-owned plants in Q1 2022
The Egyptian government has proposed a sale of its stake in the joint project with Siemens. The Egypt Megaproject, completed in 2018, cost at least $7 billion and generates 4.8 gigawatts of electricity.
The Sovereign Fund of Egypt plans to acquire a 30% stake in the power stations to reduce the debt burden on the government. The Executive Director of the Sovereign Fund of Egypt, Ayman Soliman, “This offering is one of the most important projects in line with the objectives of the Egyptian state,”
The proposed offer is aimed at “maximizing the return on state-owned assets and refinancing state investments to ease the burden on the public budget,” Soliman said.
According to the Minister for the Public Business Sector, Hesham Tawfiq, the process will be completed in the first half of 2022.