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The Egyptian government said Tuesday that it had inked a series of deals to sell off $1.9 billion worth of stakes in state-owned companies, in a move that promises to bolster Egypt's ailing private sector. Prime Minister Mostafa Madbouly said in a televised news conference that the government received $1.65 billion and the equivalent of $250 million in Egyptian pounds in the sales. Madbouly said the sales included an unspecified amount of shares in the country's large state-owned communications company, Telecom Egypt.

Prime Minister Mostafa Madbouly announced on Tuesday that Egypt has signed contracts with the private sector to sell state-owned entities worth $19 billion under the Initial Public Offering (IPO) programme which the country adopted earlier this year

Prime Minister Mostafa Madbouly announced on Tuesday that Egypt has signed contracts with the private sector to sell state-owned entities worth $19 billion under the Initial Public Offering (IPO) programme which the country adopted earlier this year

The Egyptian government said Tuesday that it had inked a series of deals to sell off $1.9 billion worth of stakes in state-owned companies, in a move that promises to bolster Egypt's ailing private sector.

The Egyptian government says that it has inked a series of deals to sell off $1.9 billion worth of stakes in state-owned companies