World Bank’s IFC to help Egypt monetize state assets

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The International Finance Corporation (IFC) said on Sunday it would act as the strategic adviser for Egypt’s plans to boost the role of the private sector in the economy.

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The IFC said it would advise on the government’s “asset monetization program, which will focus on harnessing private capital and know-how to manage state-owned assets.”

That will include structuring and preparing assets for sale, the IFC said in a statement.

Last year Egypt’s government announced a state ownership policy designed to identify areas of the economy in which the private sector can play a bigger role.

Egypt has been struggling to manage an acute foreign currency shortage, attract new investment and contain a rising debt burden. The state, including the military, has tightened its control of the economy in recent years despite pledges of structural reform.

“We will have a five-year partnership with the World Bank’s IFC to guarantee the governorship of the program in the long term,” Prime Minister Moustafa Madbouly said on Sunday in a televised conference with IFC Managing Director Makhtar Diop.

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