The Egyptian government said on Tuesday that it had inked a series of agreements to sell $1.9 billion in interests in state-owned enterprises. Telecom Egypt, the country’s largest state-owned communications business, is among those selling.

The government has completed contracts with the private sector totaling $1.9 billion US dollars, as announced by the Minister of Planning. The Egyptian government received $1.65 billion in dollars, with the remaining $250 million being paid in Egyptian pounds.

Egypt’s Prime Minister, Mostafa Madbouly, said “we’ve actually received them, or a portion of them, from the telecommunication business (Telecom Egypt, Ed.) and some other enterprises.”

The action is part of a comprehensive privatization overhaul to sell holdings in at least 32 state-owned corporations, ranging from petrochemical firms to major banks, in an effort to shrink Egypt’s public sector.

The plan was first announced in January and is part of a $3 billion bailout package Egypt received from the International Monetary Fund (IMF) in December. This was necessary to help the cash-strapped North African economy weather recent global economic shocks such as the COVID-19 pandemic and Russia’s war in Ukraine.


Gabriel Eleojo Umoru
Gabriel Eleojo Umoru
I'm Gabriel Eleojo Umoru, a graduate of Mass Communication from Prince Abubakar Audu University (formerly Kogi State University Anyigba, Kogi State). My hobbies include writing, surfing the internet and listening to music. I'm into voice editing and project management. I also help people out in their research projects.

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