Egypt has raised more than $650 million from the initial public offering (IPO) of Banque du Caire, one of the country’s largest state-owned banks, in a major step forward for its privatisation programme.

The sale, completed on Monday, is among Egypt’s biggest state asset offerings in recent years. It comes as the government pushes ahead with economic reforms under an International Monetary Fund (IMF) programme aimed at attracting private investment and reducing state involvement in the economy. As part of its commitments to the IMF, Egypt has pledged to sell stakes in more than 30 state-owned companies. In June, authorities granted preliminary listings to four state-owned businesses ahead of planned stock market offerings by May 2027.

Prime Minister Moustafa Madbouly said the latest listing demonstrated the government’s commitment to unlocking greater value from public assets, despite ongoing regional tensions.

For Banque du Caire, the IPO has been a long time coming. Chief Executive Hussein Abaza told AFP that plans for the offering had been in development for more than two decades, with the COVID-19 pandemic and conflicts in Ukraine and Gaza contributing to delays.

Founded in 1952, Banque du Caire is Egypt’s third-largest state-owned bank. The International Finance Corporation and the European Bank for Reconstruction and Development (EBRD) were among the major investors in the offering. The EBRD confirmed it had invested $100 million to acquire a 6.9 per cent stake in the bank.