Egypt receives 2nd tranche of Ras El-Hekma development project

Updated 5/15/2024 2:31:00 PM
Egypt receives 2nd tranche of Ras El-Hekma development project

Arab Finance: Egypt has received the second tranche worth $14 billion of Ras El-Hekma deal, Prime Minister Mostafa Madbouly announced during the cabinet’s meeting on May 15th.

The government also initiated the waiving procedures of $6 billion worth of deposit from the UAE, provided that its value will be converted in Egyptian pound equivalent, Madbouly highlighted.

During the meeting, Madbouly asserted that the economic indicators are showing promising signs, but the real challenge lies in sustaining this momentum.

To achieve this, the state has taken crucial steps, including implementing a ceiling on public spending, fostering opportunities for the private sector, and prioritizing key sectors such as industry, agriculture, communications, and tourism, he explained.

The UAE investments in the Egyptian market amounted to $30 billion before the unveiling of the Ras El-Hekma project.

Egypt had already received a total of $10 billion as part of the $35 billion agreement sealed with the Emirati sovereign fund Abu Dhabi Developmental Holding (ADQ) to develop Ras El-Hekma city.

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