{"id":545453,"date":"2022-03-30T13:45:42","date_gmt":"2022-03-30T13:45:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/this-evening-the-broad-strokes-of-state-policy-to-encourage-private-sector-involvement-fawry-sells-more-shares-ksa-deposits-usd-5-bn-in-the-cbe\/"},"modified":"2022-03-30T13:45:42","modified_gmt":"2022-03-30T13:45:42","slug":"this-evening-the-broad-strokes-of-state-policy-to-encourage-private-sector-involvement-fawry-sells-more-shares-ksa-deposits-usd-5-bn-in-the-cbe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/this-evening-the-broad-strokes-of-state-policy-to-encourage-private-sector-involvement-fawry-sells-more-shares-ksa-deposits-usd-5-bn-in-the-cbe\/","title":{"rendered":"THIS EVENING: The broad strokes of state policy to encourage private sector involvement + Fawry sells more shares + KSA deposits USD 5 bn in the CBE"},"content":{"rendered":"

It\u2019s another day of outstanding news, ladies and gentlemen<\/strong>, as we head to the pre-Ramadan sprint, with the positive signals being sent by both the Madbouly Cabinet and our regional allies on the economic front.<\/p>\n

THE BIG STORIES TODAY<\/strong><\/p>\n

<\/a> Gov\u2019t has an outline of its long-term policy strategy to encourage private sector<\/strong> involvement in select sectors:<\/strong> The Madbouly Cabinet discussed today the broad strokes of its planned strategy<\/a> to guide its decisions on how the state can back out of select sectors of the economy to open the door for private sector activity, while maintaining a foothold in sectors it deems necessary, according to a statement<\/a>. The statement, which does not provide specific details on which sectors are expected to fall under each category, notes that the government is working on putting together a \u201ccomprehensive view\u201d of which sectors the state will be involved in for the next three years. It outlines a \u201cgradual exit\u201d plan for the state from certain activities, which would be implemented in phases, while it will remain active in other sectors. Once the strategy is announced, the government will run an assessment of all state-held assets in the sectors it plans to exit and put in place a mechanism for these exits, the statement says.<\/p>\n

On that front, Fawry sold a 6% stake in a EGP 1.05 bn block transaction<\/strong>, according to an announcement<\/a> displayed on EGX screens today. The announcement does not specify the buyer, but the local press \u2014 including Hapi Journal<\/a>, Al Mal<\/a>, and Al Shorouk<\/a> \u2014 appears to be in agreement that the unnamed entity is state-owned National Bank of Egypt (NBE). The transaction, which reportedly saw NBE purchasing the stake from foreign sellers, would raise its total stake in the fintech giant to 12.25%.<\/p>\n

<\/a> More good news today: It looks like we are getting deposits from the GCC after all. <\/strong>Saudi Arabia deposited USD 5 bn with the Central Bank of Egypt, on directives from King Salman and Crown Prince Mohammed bin Salman, state-run Saudi Press Agency<\/a>(SPA) said. The move, which the statement says \u201creinforces the bilateral relations between the two countries\u201d and Riyadh\u2019s efforts to continue supporting Cairo, is the latest show of support from our GCC friends since last week\u2019s EGP depreciation and interest rate hike and the first to come in deposit form. Other allies have been showing their support through USD 7 bn in investments, with Abu Dhabi\u2019s ADQ pledging<\/a> USD 2 bn and Qatar pledging<\/a> USD 5 bn.<\/p>\n

^^We\u2019ll have more<\/strong> on these stories and others in tomorrow\u2019s EnterpriseAM<\/strong>.<\/p>\n

** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n