Cairo (AFP) - Trading in shares of the State Bank of Cairo began Monday in “the largest offering in the history of the Egyptian Stock Exchange” with a value exceeding 36 billion pounds ($650 million), according to what the head of the stock exchange announced, in light of international lending institutions urging Cairo to move forward with the privatization of assets.

Published on: 02/11/2026 - 13:53

This proposal comes as Egypt moves forward with implementing reforms determined by the International Monetary Fund loan program, which aims to enhance the participation of the private sector and reduce the state’s role in the economy.

The government previously announced its intention to sell shares in more than 30 state-owned companies as part of its obligations with the IMF.

On Monday, Banque Misr, the largest shareholder in Banque du Caire, offered 6.86 billion shares on the stock exchange, equivalent to 45 percent of Banque Misr’s shares, at a price of 5.30 Egyptian pounds per share ($0.096).

The government granted four state-owned companies initial listing in June, in preparation for offering their shares on the stock exchange by mid-2027.

Egyptian Prime Minister Mostafa Madbouly confirmed while attending the start of trading in the bank's shares at the stock exchange headquarters that despite the "difficult circumstances facing the world," Cairo is "very serious in the process of continuing the asset offering and maximizing the benefit from state-owned assets."

The bank's CEO, Hussein Abaza, told Agence France-Presse, "This initial public offering has been in preparation for more than 20 years," noting that the Covid-19 pandemic and the wars in Ukraine and Gaza caused disruption to the process.

Abaza considered this offer "an indicator of confidence in the Egyptian Stock Exchange and confirms the state's seriousness regarding privatization."

Founded in 1952, Banque du Caire is the third largest state-owned bank.

On Monday, the International Finance Corporation and the European Bank for Reconstruction and Development bought the two largest shares in the shares that were offered.

The European Bank for Reconstruction and Development said in a statement that it invested $100 million in Banque du Caire, acquiring a 6.9 percent stake.

© 2026 AFP

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