Prime Minister Moustafa Madbouly has clarified that the Ras El Hekma contract does not violate Egyptian sovereignty, and all its clauses are subject to the laws of the state, as stated in a release by the cabinet on Thursday.
Madbouly underscored that the Ras Al Hikma project represents a collaborative investment effort between the Egyptian government and the private sector, akin to numerous other joint ventures successfully undertaken by both sectors.
Highlighting the significance of these substantial investments, Madbouly pointed out that they underscore the attractiveness of Egypt’s investment climate and reflect confidence in the national economy.
“The government’s objective is to leverage the Ras El Hekma project and others to draw in new investments. Prioritizing the increase in foreign direct investment (FDI) is crucial for fostering economic growth,” stated the release.
Madbouli emphasized that ongoing economic reforms are poised to yield substantial progress. He further highlighted the government’s unwavering commitment to supporting pivotal sectors such as industry, agriculture, telecommunications, and the competitive green hydrogen sector.
Egypt is actively expanding its presence in this promising sector, with a focus on executing and managing agreed-upon projects. This strategic initiative has the potential to attract billions in investments, create job opportunities, and bolster foreign currency reserves.
