An Abu Dhabi wealth fund has agreed to invest around $2 billion in Egypt by buying up state-owned stakes in some companies, including the country’s main private sector bank, Commercial International Bank (CIB) .

According to a report published yesterday by BloombergCiting people familiar with the deal, Abu Dhabi’s ADQ, which has already invested in the North African country, will acquire about 18% of CIB, which is about half of the overall deal.

The anonymous sources also revealed that the ADQ is buying stakes in four other companies listed on the Egyptian stock exchange.

The UAE and, in particular, the ADQ, are long-term investors in Egypt, with the sovereign wealth fund last year acquiring an Egyptian pharmaceutical company from Bausch Health Cos for $740 million. Later that year, as part of a consortium, the ADQ purchased Egyptian property developer SODIC for $388 million.

News of the deal comes as Egypt grapples with the impact of Russia’s invasion of Ukraine last month, with the conflict posing an existential threat to Egypt’s food security. Egypt is the world’s largest importer of wheat, most of which comes from Russia and Ukraine. Yesterday, Prime Minister Moustafa Madbouly set the price of bread sold commercially at 11.50 Egyptian pounds ($0.66) per kg, according to a statement from his office.

The war also caused the Egyptian pound to depreciate by almost 14%, with foreign investors pulling billions of dollars out of the Egyptian treasury markets. The Central Bank also announced that it had raised interest rates, sparking growing popular outrage.

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