Egypt is preparing to obtain billions of dollars from the UAE

Egypt – At the beginning of May, Egypt will receive the second batch of funds from the major investment deal for the project to develop the city of Ras El Hekma on the northwestern coast, with a total of $20 billion.

The funds to Egypt come in the form of $14 billion in direct liquidity, in addition to the remaining part of deposits, which represents $6 billion.

The Council of Ministers had announced that the concluded deal includes a financial part to be paid as an advance, and another part is a share of the project’s profits throughout its operation period allocated to the state, pointing out that the financial part will include direct foreign investment entering the Egyptian state within two months, with a total of 35 billion. Dollars, divided into two batches, the first which is what Egypt has already received with a total of 15 billion dollars, and the second batch two months after the first batch with a total of 20 billion dollars.

The first batch that Egypt received after signing the major investment deal included $15 billion, divided into $10 billion in liquidity that came directly from abroad, in addition to the waiver by the UAE or the government represented by Abu Dhabi Holding Company of part of the deposits in the Central Bank of Egypt, which represent… 11 billion dollars, 5 billion of which were used in the first batch and were converted from dollars to Egyptian pounds so that they could be used by the Abu Dhabi Development Company and the project company in establishing the project.

As for the second batch, it is a total of $20 billion, and $14 billion is direct liquidity, in addition to the remaining part of deposits, which represents $6 billion. Thus, there will be $24 billion in direct liquidity, in addition to $11 billion in deposits that will be transferred in Egyptian pounds. To be used in project development.

In its last meeting, the Council of Ministers approved several decisions related to the city of Ras Al-Hekma on the northern coast of Matrouh Governorate, as part of the development plan for that promising region, where a draft Cabinet decision was approved to establish a private free zone under the name “Ras Al-Hekma Urban Development Project Company.” LLC in the city of Ras El Hekma, in addition to approving the Prime Minister’s draft decision to establish an investment zone in the city of Ras El Hekma.

Source: Voice of the Nation