2024-03-01 08:44:00
Counselor Mohamed Al-Homsani, the official spokesman for the Presidency of the Council of Ministers, stated that the Egyptian government received today another $5 billion from the first installment of the investment partnership deal with the United Arab Emirates, regarding the project to develop the city of “Ras Al-Hikma” on the northwestern coast of Egypt, and thus… The first batch has actually been completed.
Dr. Mostafa Madbouly, Prime Minister, announced during the government meeting yesterday that 5 billion dollars had been received from the first batch, and that the other 5 billion will be received today, Friday, pointing out that measures had been taken to coordinate between the Central Bank and the Emirati side to transfer 5 billion dollars. Billions of dollars from the deposit to the Egyptian pound, and that within two months Egypt will receive the remaining 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% that the state will receive from the net profits of the project.
The Prime Minister added in his statements yesterday during the government meeting that a ministerial committee will be formed, headed by the Prime Minister, specifically for the Ras al-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.
It should be noted that the Egyptian state aims for the success of this important and huge development project so that the success of this partnership with the brothers in the Emirates will be a model for building other investment partnerships that will generate many returns for the Egyptian people.
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