The Egyptian government has suspended plans to sell a stake in state-owned Telecom Egypt.

Market conditions have been blamed for the suspension, notes Reuters, citing sources familiar with the matter.

It comes just a couple of weeks after reports suggested Egypt's government is reportedly keen to offload a 10 percent stake in mobile operator Telecom Egypt.

Egypt's government currently holds an 80 percent stake in the telco.

Additional information relating to the stalled plans from the Egyptian government is scarce.

Earlier this month, it was reported that a potential sale was being managed by local investment banks CI Capital and Ahly Pharos, while interest from foreign investors was low.

Egypt has suffered heavily from the Russian war with Ukraine, with investors withdrawing around $20 billion in foreign capital at the start of the conflict.

It meant that the country is looking to generate sales from some of its state-owned assets, with the government securing a loan of $3 billion after striking an agreement with the International Monetary Fund in December.

The country sold a 20 percent stake in Telecom Egypt back in 2005 as part of an IPO.

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