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Egypt said to sell stakes in five or six state companies by June 2020

Published: Updated:

Egypt will offer stakes in five or six state-owned enterprises by the end of June 2020 in an effort “to encourage the private sector and citizens to invest,” the country's Prime Minister Mostafa Madbouly said.

Last year, Egypt announced a program to sell minority stakes in 23 state-owned enterprises over the next few years, but it was delayed due to turbulence in emerging markets.

The statement came late on Tuesday as Egypt’s stock market tumbled 10.7 percent between Sunday and Tuesday, erasing almost all gains made in 2019 in trading.