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Egypt raises $800 mln from hotels in divestment drive – PM

Egypt raises $800 mln from hotels in divestment drive – PM

EGYPT'S sovereign wealth fund has signed an $800 million deal to sell a stake in seven prominent hotels to Egypt's Talaat Moustafa Group (TMG) in its drive to raise funds and foreign currency, Prime Minister Mostafa Madbouly said. Revenues from selling stakes in state assets have reached $5.6 billion so far, said Madbouly, whose government is grappling with a long-running shortage of foreign currency and a rising debt burden. He provided no breakdown of the revenues. The stake sales, which some expect to accelerate after a presidential election earlier this month, are seen as crucial to Egypt's chances of easing prolonged pressure…
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