Prime Minister Mostafa Madbouly in a Wednesday press conference debunked rumors about Egypt selling the Banque du Caire.
He explained that what is happening instead is that a consultant is currently conducting due diligence on the bank, which is an evaluation to determine its value.
“People wondered how we could sell a bank worth billions, and I assure you that this didn’t happen. We announced the offering program, which will include Banque du Caire,” he said.
“After the consultant completes the due diligence, we will determine the bank’s value and how much we will sell from it in coordination with the Central Bank of Egypt.”
