Egypt sells 9.5% stake in state-owned telecom 
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Egypt sells 9.5% stake in state-owned telecom 

Egypt’s Finance Ministry, on Sunday,  announced the sale of a 9.5-per cent stake in state-owned ‘Telecom Egypt’ at its stock exchange market.

The ministry said in a statement that it sold 162,171,802 shares of Telecom Egypt, representing 9.5 per cent of the company’s capital

It sold the stake at 3.75 billion Egyptian pounds (about $121 million).

The sale comes amid Egypt’s privatisation of national assets.

Foreign lenders, particularly the International Monetary Fund (IMF) have propped Egypt to privatise public assets.

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The IMF approved, in December, a loan of about $3 billion over 46 months to support Egypt’s economic reform programme.

This is with the hope that it would pave the way for “sustainable, inclusive and private-sector-led growth”.

The IMF had asked the Egyptian government to make a permanent shift to “a flexible exchange rate regime”.

It also wanted the country to reduce “the state footprint” in the economy as part of the reforms. (Xinhua)


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