Egypt State Asset Sales Fetch $1.9 Billion in Race for Cash
- Government will announce another $1 billion in deals soon
- Authorities say the deals reflect commitment to revamp economy
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Egypt agreed to sell $1.9 billion of state assets to local firms and Abu Dhabi wealth fund ADQ, helping boost the country’s dollar bonds with a signal of progress in reviving an economy crippled by a foreign-currency crunch.
The divestments mark the most significant step forward on a broad plan announced in February to raise billions of dollars by listing whole or parts of companies, or offering them to strategic investors.