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    “A new platform to represent Botswana,” says Amos on his coaching role in Iran

    “A new platform to represent Botswana,” says Amos on his coaching role in Iran

    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Under Babitseng BFA will be transparent and accountable

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    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

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Egypt: Plans to get US$5.0bn in asset sales by June 2024

mm by RMB Africa Research
August 30, 2023
in News
Reading Time: 1 min read
0
Egypt: Plans to get US$5.0bn in asset sales by June 2024
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The government plans to attract US$5.0 billion from offering stakes of its power plants and state-owned companies from October 2023 until the end of June 2024, according to the Cabinet’s Information and Decision Support Center (IDSC).

Specifically, shares will be offered in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm, in addition to Safi and Watanya, companies owned by the military. The government plans to offer stakes in 35 state-owned companies to strategic investors by the end of June 2024, under the State Ownership Policy Document. A list of 32 companies was released in February 2023. Since then, three additional companies have been added to the list: Eastern Company; Al Ezz Dekhila; and Telecom Egypt. (ZAWYA)

Egypt’s privatisation programme remains key to unlocking FX flows as the country has faced some liquidity challenges in recent months. To recall earlier this month, Moody’s extended its review period for downgrading Egypt’s B3 long-term foreign-currency and local-currency issuer ratings. It noted that its review balances progress on the government’s privatisation, fiscal and structural reform agenda against evidence of further weakening in external liquidity through a drawdown of commercial banks’ net foreign assets at a scale that exceeds recently concluded asset sales.

Moody’s also said that sufficient confidence in the ability of the government to generate necessary foreign exchange inflows to meet increasing external debt service payments over the next two years and bolster the economy’s foreign exchange reserves, would be credit positive.

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