CAIRO — Egypt’s Prime Minister Mustafa Madbouly unveiled on Wednesday the names of the more than 30 state-owned companies of which the government plans to sell shares within a year through direct sales to strategic investors and listings on the Egyptian Exchange (EGX), in a renewed push to revive the authorities’ long-stalled privatization plans. 

The list, announced after a meeting of the Council of Ministers, includes 32 companies from 18 economic fields, more than initially expected. Among them are three banks, two military-owned enterprises, and several companies in the energy and transportation sectors. Some of them have been in the privatization pipeline for years. 

The announcement comes as the government is moving to reduce the state’s footprint in the economy in a bid to stimulate the private sector and attract foreign investments to ease a severe economic and liquidity crunch. It also follows a $3 billion deal with the International Monetary Fund (IMF) in December that envisaged a sweeping privatization plan. 

“This step had become an important and urgent necessity, especially since it is considered somewhat late, given that the government’s offering program came to light two years ago but [was delayed as] the conditions were not completely conducive to offering,” Mostafa Shafie, senior equity analyst at Arabeya Online, a local brokerage firm, told Al-Monitor.