Prime Minister Moustafa Madbouly officially announced on Thursday the receipt of a $5 billion payment as part of the Ras El Hekma partnership agreement with the United Arab Emirates (UAE), according to a statement released by the cabinet.
Madbouly further disclosed that an additional $5 billion is anticipated on Friday. He highlighted that the Central Bank of Egypt (CBE) and Central Bank of the UAE (CBUAE) have taken measures to transfer an additional $5 billion from the UAE deposit to the Egyptian pound. Consequently, the initial installment of the payment is expected to reach $15 billion.
Egypt is poised to receive the remaining portion of the $35 billion foreign direct investment within the next two months, in accordance with the terms of the recent groundbreaking deal. Madbouly also noted that Egypt is entitled to a 35 per cent share of the project’s net profits.
In a significant development, Madbouly unveiled the formation of a high-powered ministerial committee dedicated to the development of the Ras El Hekma project. Under his leadership, the committee is set to play a crucial role in guiding the project’s trajectory.
Madbouly clarified that the committee’s primary objective is to streamline procedures, overcome obstacles, address issues, and coordinate efforts to fulfill the project’s commitments, as stated in the release.
Emphasizing Egypt’s commitment to the success of this significant development project, the Prime Minister underscored that the partnership with the UAE will serve as a blueprint for future investment collaborations that will ultimately benefit the Egyptian people.
