Egypt’s president backs bigger private role in line with IMF demands

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Egypt’s President Abdel Fattah al-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from and turn over the private sector, a cabinet statement said.

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The document’s approval was required by the International Monetary Fund, which this month approved a 46-month, $3 billion financial support package for Egypt.

The policy aims to give the private sector a greater role in helping to grow the economy, create jobs and increase investment and exports, the statement said.

It did not specify which economic activities would be made private, but in May the country outlined an array of state assets that would be offered to private investors.

They included electric vehicles, data centers and oil and gas networks.

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