To ensure the smooth implementation of the Ras El Hekma project and fulfill Egypt's commitments, a special ministerial committee will be formed, Madbouly announced
Prime Minister Mostafa Madbouly confirmed on Thursday that Egypt received $5 billion from the first installment of the investment partnership deal with the United Arab Emirates to develop Ras El Hekma. This news comes as a boost to Egypt's economic reforms and showcases the attractiveness of the country's investment climate.
Prime Minister Madbouly revealed that another $5 billion is expected to arrive on Friday, in addition, measures will be taken to convert $5 billion from the United Arab Emirates (UAE) deposit to Egyptian pounds (EGP).
To ensure the smooth implementation of the Ras El Hekma project and fulfill Egypt's commitments, a special ministerial committee will be formed, Madbouly announced. This committee will work towards facilitating procedures and overcoming any obstacles that may arise during the course of the project.
Addressing concerns about Egyptian sovereignty, Prime Minister Madbouly stressed that the Ras El Hekma project is an investment partnership that does not contain any clauses that would compromise Egypt's sovereignty. Emphasizing the significance of this venture, he stated that Ras El Hekma marks the beginning of Egypt's economic reforms, and the government remains committed to rationalizing investment spending.
Furthermore, it was announced that the Egyptian Public Business Sector Ministry will receive $520 million today from the hotels deal. These investments in the signed projects are expected to contribute to an influx of foreign currency and create job opportunities for the Egyptian workforce.
Prime Minister Madbouly underscored that these major investments not only demonstrate the attractiveness of Egypt's investment climate but also enhance confidence in the country's national economy.
