Egypt plans sovereign fund for state companies

Cairo_pyramidsThe Egyptian government is considering establishing a sovereign wealth fund to manage state companies that are due to float on the national stock exchange. The listings, which could feature eight to ten state companies, are part of a drive to attract more foreign investment in the wake of recent economic reforms, streamlined business rules and a devalued currency.   Prior to the listings, the Egyptian government is hoping to raise between $2-$3 billion by selling off stakes in some of these companies. The sovereign fund plan was disclosed by minister for public enterprise Khaled Badawi who was speaking at a conference in Dubai earlier this month, as reported by Reuters. The idea is currently being reviewed by cabinet, said the minister, and is in its early stages and pending a new law to allow the sales of the state assets. ©2018 funds global mena

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