Two informed sources reported that "the Egyptian Ministry of Finance has invited banks to submit proposals for an advisory role in the sale of its 20 percent stake in Alexandria Bank, a subsidiary of Italy's Intesa Sanpaolo Group." The sources, who requested anonymity, noted that "the invitation was sent to both local and international banks." The Egyptian Ministry of Finance and Intesa Sanpaolo have not yet responded to email requests for comment. Alexandria Bank could not be reached for comment.
The Egyptian economy is currently in crisis, with the value of the pound having decreased by nearly half since the Russian invasion of Ukraine last year, prompting foreign investors to withdraw over $20 billion from Egypt's treasury markets. In December, Egypt signed a $3 billion rescue plan with the International Monetary Fund aimed at attracting $9.7 billion in foreign direct investments in the fiscal year ending June 30. In April of last year, the Egyptian government announced that, in order to support the country's economy, it aims to attract $10 billion in investments each year for the next four years as part of a program to increase private sector participation in the economy.
