After Devaluation, Egypt Eyes Bargain Hunters With State Firm Offering
- Share offers planned for state firms to revive reeling economy
- Egypt has been hurt badly by Russia’s invasion of Ukraine
Egypt's Prime Minister Mostafa Madbouly
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt revived a stalled plan to sell stakes in state-run companies, including in two military-affiliated firms, as part of a drive to revamp a battered economy and secure much-needed foreign currency.
Under the program, the government will offer stakes in 32 firms in a variety of sectors, ranging from banking and oil to real estate, insurance and ports, Prime Minister Mostafa Madbouly told reporters Wednesday. The move is billed as a key part of Egypt’s broader push to reform an economy tipped into crisis by Russia’s invasion of Ukraine, which sent food and energy prices soaring.