The Egyptian government announced on Tuesday it had signed a number of deals to sell off $1.9 billion dollars worth of stakes in state-owned companies. Among the sales is the country's large state-owned communications company, Telecom Egypt. “We announce today that we have been achieving contracts with the private sector - which will be announced by the minister of planning and in total are $1.9 billion American dollars. From that number, we received $1.65 billion dollars, with the remainder of $250 million that we will get in Egyptian pounds. The move is part of a major privatization reform to sell stakes in at least 32 state-owned companies, from petrochemical firms to major banks, in a bid to downsize Egypt's public sector.

Source: Ethiopian News July 12, 2023 07:32 UTC