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Egypt to sell state-owned firms amid economic crisis

Ten of Egypt's largest state-owned companies will be listed this year on the stock exchange, while others will be sold in the coming years as the government tries to attract foreign investors to relieve economic hardships.
A general view of the Egyptian Exchange, Cairo, Egypt, Jan. 7, 2022.

CAIRO — Egypt will list 10 of its largest state-owned and military-owned companies on the stock exchange by the end of this year, and several other assets will be sold over the next four years in order to attract foreign investors and also alleviate the current economic hardships.

Egyptian Prime Minister Mostafa Madbouly gave a lengthy press conference May 15, describing the current crisis as the worst in a century. "The [Ukraine] war repercussions have put a heavy burden on us financially. We expect 130 billion pounds [$7.1 billion] of immediate impacts, as well as 335 billion pounds [$18.3 billion] of indirect effects as a result of increased prices for commodities like wheat, oil and even interest rates," he said.

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