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July 14, 2023

Egypt to Sell $1.9 Billion in State Assets as It Battles Economic Crisis
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Egypt has announced the sale of $1.9 billion in state assets amid an
economic crisis and record-high inflation. The sale of 32 state
companies, including hotels, telecom and oil firms, to Egyptian
investors and a United Arab Emirates investment fund is part of a turn
toward privatization. Egypt has also imposed austerity measures,
including cuts to subsidies for fuel, water and electricity, in exchange
for billions of dollars in loans from the International Monetary Fund.
Nearly one-third of Egypt's population lives in poverty, according to
government figures.


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