Cairo: Egypt aims to raise 8-10 billion Egyptian pounds ($450 million to $560 million) from floating shares in state-owned companies in fiscal year 2018-2019, deputy finance minister Ahmad Kouchouk said on Thursday.

The government is launching an IPO programme that will offer minority stakes in dozens of state-owned companies over the next three to five years in areas such as petroleum, services, chemicals, shipping, maritime and real estate to help boost state finances.

Egypt last week announced the names of the first five state companies that will offer shares this year.

The companies are Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, Abou Kir Fertilisers, and Heliopolis Housing, a cabinet statement said.

The state owns swathes of Egypt’s economy, including three of its largest banks, much of its oil industry as well as its real estate sector.

Egypt in 2016 kicked off an ambitious three-year $12 billion IMF loan programme tied to tough economic reforms that have included deep subsidy cuts and tax hikes.

The IMF has urged Cairo to reduce the role of its public sector in order to make room in the economy for private sector growth.