This brings the total amount Egypt secures of the first tranche to $15 billion
Egypt received $5 billion on Friday as the final installment of the first tranche of the Ras El Hekma deal, the Egyptian Cabinet announced. This brings the total amount Egypt secures of the first tranche to $15 billion.
Prime Minister Mostafa Madbouly confirmed on Thursday that Egypt received $5 billion from the first installment of the investment deal with the United Arab Emirates to develop Ras El Hekma. In addition to this, Egypt took the required measures to transfer $5 billion from the Emirati deposits at the Central Bank of Egypt (CBE).
This deal is considered the largest foreign direct investment (FDI) in Egypt’s history. Earlier in Feburary, Madbouly revealed that the total amount of the foreign direct investment will be $35 billion, which is expected to be received in full within two months, is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE). Egypt will also get 35% of the profits throughout the duration of the project’s implementation.
The remaining $20 billion from the agreement will be deposited within the next two months, and $6 billion of which will be from existing UAE deposits at the CBE.
