(3 Minutes Read) (Global)
Prime Minister Mostafa Madbouly confirmed that Egypt had received USD 5 billion as part of the initial installment of the investment partnership agreement with the United Arab Emirates aimed at developing Ras El Hikma.
Egypt received USD 5 billion as the final installment of the first tranche of the Ras El Hekma deal with the United Arab Emirates.
Prime Minister Mostafa Madbouly confirmed that Egypt had received USD 5 billion as part of the initial installment of the investment partnership agreement with the United Arab Emirates aimed at developing Ras El Hikma.
This development serves as a significant boost to Egypt’s economic reforms and underscores the appeal of the country’s investment environment. Madbouly also disclosed plans to convert US$5 billion from the United Arab Emirates (UAE) deposit into Egyptian pounds (EGP).
Madbouly further announced the establishment of a dedicated ministerial committee to oversee the seamless implementation of the Ras El Hikma project and ensure Egypt’s obligations are met. This committee will focus on streamlining procedures and addressing any challenges that may arise throughout the project’s duration.
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Prime Minister Madbouly underscored that those substantial investments not only showcase the attractiveness of Egypt’s investment climate but also instill confidence in the country’s national economy.
