Egypt receives 1st $5b for Ras El Hekma deal

Egypt’s Prime Minister Moustafa Madbouly has confirmed on Thursday the receipt of a $5 billion payment as part of the Ras El Hekma partnership deal with the United Arab Emirates (UAE), according to a statement by the cabinet.

Madbouly said that another $5 billion is scheduled to be received on Friday, adding that the Central Bank of Egypt (CBE) and Central Bank of the UAE (CBUAE) have been taken measures to transfer another $5 billion from the UAE deposit to the Egyptian pound, thus the first batch of the payment shall reach $15 billion.

Egypt is set to receive the outstanding portion of the $35 billion foreign direct investment within the next two months, as stipulated in the recent landmark deal, in addition to a 35 per cent share of the project’s net profits, Madbouly added.

In a significant move, Madbouly has unveiled the establishment of a high-powered ministerial committee for the development the Ras El Hekma project. The committee, under his leadership, will play a key role in guiding the project’s trajectory.

Madbouly clarified that the committee’s purpose is to facilitate procedures, overcome obstacles, resolve issues, and coordinate efforts to meet our commitments in the project, the statement added.

The Prime Minister stressed that Egypt is committed to ensuring the success of this significant development project. The partnership with the UAE will serve as a model for future investment partnerships that will benefit the Egyptian people.

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