An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since the Russian invasion of Ukraine triggered heavy foreign investment outflows from Egyptian financial markets and threw the economy into crisis.

Egypt in December agreed a $3 billion rescue plan with the International Monetary Fund (IMF) in expectation that the state withdraw from some non-strategic sectors of the economy to allow space for the private sector to grow.

"The whole goal is to increase the participation of citizens and the private sector in the development process and their management and participation in public institutions that have been owned by the state," Madbouly said, adding that a detailed plan should be in place after the next cabinet meeting.

The company offerings will be made over the course of a year, with some being sold on the stock exchange and others to strategic investors, Madbouly said.

"Large investors will also participate in restructuring and expanding production lines of the companies while also increasing their capital," he added.