Egypt has signed contracts to sell stakes in state assets worth a total of $1.9 billion as part of a programme to boost the private sector and raise scarce hard currency, Prime Minister Mostafa Madbouly said on Tuesday.
The contracts include a deal to sell minority stakes in three companies to Abu Dhabi sovereign wealth fund ADQ for $800 million, and a deal to raise $700 million by increasing the capital of a company that owns a group of hotels in Egypt, said Planning Minister Hala el-Said.
The programme has faced delays in recent months, increasing pressure on the Egyptian pound, which has lost about half its value against the dollar since early last year.
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