Egyptian President calls for deepening e-car manufacturing base

A directive to this effect came in the course of a meeting that President Sisi called with senior officials and aides on Sunday to follow up on the government’s initial public offerings programme for state-owned companies, Presidency Spokesman Ambassador Bassam Radi said.

Commenting on a government briefing on its plans regarding the auto industry, President Sisi urged the government to place special emphasis on the feeding industries while moving to further deepen the electric car manufacturing capacity so as to cope with the global trend in the field.

Attending the meeting were Prime Minister Moustafa Madbouli, Presidential Assistant for National and Strategic Projects Eng. Sherif Ismail, Central Bank Governor Tareq Amer, Finance Minister Mohamed Maeet, Trade and Industry Minister Niven Gamea, Public Business Sector Minister Hisham Tawfik, Presidential Advisor on Financial Affairs Maj-Gen Mohamed Amin and the Director of the Armed Forces National Service Projects Organization Maj Gen Walid Abul-Magd.

Following a review of the government’s initial public offerings (IPO) programme for state-owned companies, President Sisi gave directives to the government to carry on with implementing its IPO programme to broaden the base of ownership through the EGX and attract more direct investments, spokesman Radi said.

The President also urged the government to diversify the programme components with a view to covering all economic sectors, spokesman Radi said.

During the meeting, Finance Minister Mohamed Maeet, who doubles as rapporteur of the IPO committee, reviewed the programme goals until the end of the year, with the companies put forward to offer their shares at the Egyptian Exchange (EGX),

For his part, Central Bank of Egypt’s (CBE) Governor A’mer made a presentation of the bank’s role in the IPO programme for the coming period