Egypt is set to receive the second installment of funds from the Ras El Hekma deal, totaling $20 billion, at the beginning of next May, announced Prime Minister Mostafa Madbouly on Saturday.
Madbouly had previously stated on Wednesday that Egypt would receive the second installment of financial dues for the Ras El Hekma project in the coming weeks.
Previously, Egypt had received $10 billion from the $35 billion deal and implemented measures to convert $11 billion from UAE deposits at the Central Bank into local currency, as per the deal's terms.
Madbouly emphasized that the government, across various ministries, is actively engaged in fulfilling its commitments to the development of the Ras El Hekma city, streamlining processes, and overcoming obstacles to expedite the commencement of various development projects.
Furthermore, several other investment projects are currently being promoted.
In February, Egypt signed a deal with the Abu Dhabi Developmental Holding Company PJSC (ADQ), the sovereign wealth fund of the Emirate of Abu Dhabi, to develop Ras El-Hekma city, with total investments amounting to $35 billion.
The government anticipates that the project will attract investments of up to $150 billion during its development, thereby creating millions of job opportunities and infusing liquidity into the Egyptian economy.
Under the terms of the agreement, Cairo will receive $35 billion within two months, comprising an $11 billion Emirati deposit in the Egyptian Central Bank, in addition to $24 billion to be injected by the United Arab Emirates.
Egypt will receive 35% of the profits from the Ras El-Hekma project, and the state is committed to providing cash and in-kind compensation to residents situated on the city's lands.
