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World Bank’s IFC to Help Egypt Monetize State Assets

Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
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World Bank’s IFC to Help Egypt Monetize State Assets

Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District (CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/File Photo

The International Finance Corporation (IFC) said on Sunday it would act as the strategic advisor for Egypt's plans to boost the role of the private sector in the economy.

The IFC said it would advise on the government's "asset monetization program, which will focus on harnessing private capital and know-how to manage state-owned assets".

That will include structuring and preparing assets for sale, the IFC said in a statement.

Last year Egypt's government announced a state ownership policy designed to identify areas of the economy in which the private sector can play a bigger role.

Egypt has been struggling to manage an acute foreign currency shortage, attract new investment and contain a rising debt burden.

"We will have a five-year partnership with the World Bank's IFC to guarantee the governorship of the program in the long term," Prime Minister Moustafa Madbouly said on Sunday in a televized conference with IFC Managing Director Makhtar Diop.

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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.