look news india
The Egyptian government, which is heading towards financial bankruptcy, first made a deal to sell an entire city and now it has also sold the country's historic hotels.
Egypt's economy is in very bad condition. As the country struggles to earn foreign currency, the Egyptian government has decided to sell 6 historic hotels. This amount will be used to increase Egypt's foreign exchange. UAE giants have bid to buy the hotel. These hotels are located in the capital Cairo and other major cities.
The process of selling government assets has been going on in Egypt for the last few years. Most of the properties are being bought by the wealthy of the UAE. A government building in the capital Cairo has been sold for $200 million.
Recently there were reports that the government has also bought a beautiful city located on the coast of Egypt for 22 billion dollars. There was a lot of uproar in the country regarding this.
Egypt wants to repay its debt at any cost. So that you can avoid going bankrupt. After Argentina, Egypt is the IMF's largest debtor. On the other hand, the government is also in talks with the IMF for a bailout package.