Egypt is set to receive the second portion of financial payments for the Ras El Hekma project within the upcoming weeks, as announced by Prime Minister Mustafa Madbouly in a statement released by the Cabinet on Wednesday.
Earlier, Egypt had received $10 billion from the $35 billion agreement and undertook steps to convert $11 billion from deposits made by the United Arab Emirates (UAE) at the Central Bank into the local currency, adhering to the terms of the deal.
Madbouly highlighted that the government, across its various ministries, is presently focused on fulfilling its obligations within the Ras El Hekma development project. This involves streamlining procedures and addressing any hurdles to hasten the commencement of diverse development initiatives. Additionally, several other investment projects are currently being promoted.
In February, Egypt inked a deal with the Abu Dhabi Developmental Holding Company PJSC (ADQ), the sovereign wealth fund of the Emirate of Abu Dhabi, to advance the Ras El-Hekma city with a total investment of $35 billion.
The government anticipates that the project will draw investments of up to $150 billion during its development phase, creating numerous job opportunities and infusing liquidity into the Egyptian economy.
