Pyramids And Privatization?
Egypt was one of the first developing countries to try to throw off the yoke of state socialism. But its free-market reforms, begun under the late President Anwar Sadat in the 1970s have bogged down for years. Now there are signs of renewed life. For the first time, the government has used the revived stock market to sell off a majority stake in a state company. Seventy-five percent of Nasr City Company for Housing & Reconstruction, a real-estate developer, sold briskly on May 13, raising about $50 million. Foreign interest is said to have been strong.
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