Egypt's Prime Minister Mostafa Madbouly announced on Tuesday that "Egypt has secured contracts for the sale of stakes in state-owned assets worth $1.9 billion as part of a program aimed at enhancing the private sector and accumulating hard currency." He mentioned in a press conference held in Cairo attended by several ministers that "the government has nearly completed a quarter of the process regarding a list of 32 state companies it announced last year would sell stakes, and is preparing to sell stakes in other companies later."
Madbouly added, "Egypt expects annual inflows of hard currency to increase by $70 billion by 2026." Planning Minister Hala Al-Saeed clarified that "the contracts included a deal for selling minority stakes in three companies to the Abu Dhabi Sovereign Wealth Fund (ADQ) for $800 million, and a deal to raise $700 million through capital increases in a company that owns a hotel group in Egypt."
The Egyptian government is attempting to accelerate the pace of its program for selling state-owned assets while the country faces a persistent shortage of hard currency. The program has experienced delays in recent months, increasing pressure on the Egyptian pound, which has lost about half its value against the dollar since early last year.
