Egypt poised to announce detailed plan for state stake sales

CAIRO: Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday.

An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since the Russian invasion of Ukraine triggered heavy foreign investment outflows from Egyptian financial markets and threw the economy into crisis.