Egypt's government sold a 9.5% stake in state-controlled Telecom Egypt for 3.75 billion Egyptian pounds ($121.6 million), the finance ministry said in a statement on Sunday, breathing life into a privatisation programme that had seemingly stalled. Egypt desperately needs privatisation proceeds to meet a series of foreign debt obligations over the coming few months. Telecom Egypt's is the second sale of state assets since Prime Minister Mostafa Madbouly promised on April 29 to press ahead with the sales programme and sell assets worth $2 billion by the end of June. Under a $3 billion, 46-month financial support package signed in December, Egypt promised the Internation
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