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Egypt seeks to sell remaining stake in Alex Bank to Intesa

Egypt is in advanced negotiations to sell its remaining 20% stake in Alex Bank to Italy’s Intesa Sanpaolo SpA, marking the country’s first major asset sale since its currency devaluation in March, Bloomberg reports.

Intesa, which already owns 80% of the bank, will gain complete ownership through the agreement, a move that aligns with the Egyptian government’s plan to offer 32 assets across various sectors, including banking, energy, and real estate.

Egypt, the beneficiary of a $57 billion buyout led by the International Monetary Fund, is seeking as much as $2.5 billion in revenue from state asset sales by June 2025.

Egypt’s inflation picks up after $57 billion international bailout

Egypt’s inflation is picking up again after slowing for five months amid the $57 billion international bailout led by the International Monetary Fund and the UAE.

The consumer price index rose 2.1% in August, indicating the fastest inflation rate since February.

Prices had been stabilizing in Egypt despite recent food subsidy cuts and hikes in fuel and electricity.

The most recent CPI is scaling back expectations that Egypt’s central bank would cut the benchmark interest rate from its current all-time high of 27.25%, Bloomberg reports.