Egyptian government sells bank to the private sector

In statements to reporters today, Atef Ebeid, minister of the Egyptian general business sector, confirmed the Egyptian government's intention to present one of its affiliated banks for sale during the current year.

He said restrictions for selling the bank will be made, that include continuing the central bank's control over it and selling a small percentage to foreign investors to protect and guarantee the funds of the Egyptian depositors. Ebeid also said that Egypt has 77 banks that are affiliated with the private sector, in which 50% of the Egyptian deposits volume are held.