2024-02-29 12:02:32
Egyptian Prime Minister Mostafa Madbouly confirmed on Thursday that his country had received $5 billion from the first installment of the investment partnership agreement with the United Arab Emirates to develop the city of Ras El Hekma.
He added: “Another $5 billion is scheduled to be received tomorrow (Friday). Measures have also been taken to coordinate between the Central Bank and the Emirati side to transfer $5 billion of the deposit into the Egyptian pound, and within two months Egypt will receive the rest of the amount that was announced, to complete the amount of $35 billion in direct investment entering the state from this deal, in addition to the 35 percent. % that the state will receive from the net profits of the project.
Dr. Mostafa Madbouly added that a ministerial committee will be formed, headed by the Prime Minister, specifically for the Ras El Hekma development project. Its mission will be to facilitate procedures, overcome any obstacles, solve any problems, and coordinate, with the aim of implementing our commitments in this project. The committee will have a technical secretariat headed by the first assistant president. The Council of Ministers, the membership of the Chairman of the Board of Advisors of the Council of Ministers, and officials of the ministries and concerned authorities undertake the preparation of the necessary decisions.
On the other hand, the Minister of Public Business Sector confirmed that today $520 million entered the Ministry, from the recently announced “hotels” deal, and soon the Ministry will receive the rest of the dollar dues.
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