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Egypt Launches Privatization Drive as Economy Reels From Inflation
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CAIRO—Egypt is set to sell stakes in 32 state-run companies in everything from electricity and banking to hotels, in a bid to attract more private investment as the cash-strapped country grapples with the economic fallout from the Ukraine war.
The country plans to sell shares in at least 32 state companies in the coming year either directly to investors or via the Egyptian Stock Exchange, Egyptian Prime Minister Mostafa Madbouly said Wednesday. The list includes stakes in locally prominent firms such as Banque du Caire and Egypt’s largest insurance company, Misr Life Insurance Co.
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