Egypt Cabinet approves new, multi-billion-dollar investment deal

Egyptian Cabinet approved on Thursday “the biggest direct investment deal” in partnership with a number of conglomerates, according to a statement posted by the Cabinet on Facebook.

Prime Minister Moustafa Madbouly said details about the new deal would be announced later in the time of signing the agreements.

The approval of the new project lies under the framework of the state’s ongoing efforts to attract foreign direct investments and secure hard currency.

The deal will result in carrying out several mega-projects, which are expected to create hundreds of thousands of job opportunities, Prime Minister Madbouly stated, adding that the megaprojects would also help stabilise foreign exchange rates and would achieve the state’s urban development goals.