According to El-Gazzar, the developer of the project established the plans, extracted ministerial decisions, and obtained the required licenses.
The tranche, reportedly transferred on Sunday, consists of $14 billion and $6 billion currently held from a previous deposit by the UAE at the Central Bank of Egypt (CBE)
The Cabinet also approved the Prime Minister’s draft decision to establish an investment zone in the city of Ras El Hekma.
Maait explained that by the end of June 2024, Egypt is expected to receive $1 billion from the World Bank, € 1.07 billion from the European Union, in addition to $820 million from the International Monetary Fund (IMF).
Former official highlights Ras El Hekma project's role as a game-changer in Egypt's development landscape.
