Egypt’s sovereign wealth fund has finalized an $800 million agreement to divest a share in seven prominent hotels to Egypt’s Talaat Moustafa Group (TMG). This move is part of the government’s efforts to generate funds and foreign currency, Prime Minister Mostafa Madbouly said on Wednesday.

The hotels, among Egypt’s grandest, include the Cataract in Aswan, the Winter Palace in Luxor, the Mena House in Cairo and the Cecil in Alexandria, all built in the late 19th or early 20th centuries.

Madbouly reported that the revenue generated from divesting stakes in state assets has amounted to $5.6 billion thus far. Egypt is undoubtedly positioned as the foremost investment destination in Africa. The government, facing challenges such as a persistent shortage of foreign currency and a growing debt burden, did not provide a detailed breakdown of these revenues, Reuters reported.

The sales are expected to attract much-needed dollars and initiate economic reforms within the framework of an IMF loan program.

Source: Business Insider