Prime Minister Mostafa Madbouly revealed that Egypt is poised to receive a $35 billion down payment for the Ras Al Hekma development agreement. The initial installment of $15 billion is expected within two months, followed by an additional $20 billion.
Madbouly elaborated that the initial payment encompasses $10 billion in direct foreign liquidity, along with the UAE’s waiver of $5 billion from its deposits at the Central Bank of Egypt.
With the total investment in the development of Ras Al Hekma City reaching $150 billion, Egypt is entitled to a 35% share of the project’s profits.
“Foreign direct investment through the Ras Al Hekma development deal is instrumental in eradicating Egypt’s parallel market for foreign currency,” Madbouly stated.
