The Egyptian government has raised $1.9bn from its Asset Monetisation Programme, according to Prime Minister Mostafa Madbouly. He explained that the government intends to use the proceeds from the Asset Monetisation Programme to support the private sector in various economic activities, as well as to increase Egypt’s foreign currency resources. Egypt’s Minister of Planning Hala El-Said also spoke at the press conference, providing more details about the Asset Monetisation Programme. The contract for these stakes was awarded to the Abu Dhabi Development Holding Company (ADQ) for $800m. In June, Egypt appointed International Finance Corporation (IFC) as the strategic advisor for the government’s Asset Monetization Programme, which will focus on harnessing private capital and know-how to manage state-owned assets.
