Ras El Hekma
Furthermore, the Cabinet has also approved Prime Minister, Mostafa Madbouly's draft decision to create an investment zone in Ras El Hekma.
Goldman Sachs estimated that Egypt will require significantly less financing through borrowing for the second quarter of 2024, attributing the reduced need to the substantial financing it secured during Q1 2024 and the Ras El Hekma investment deal
By the end of June 2024, Egypt anticipates receiving $1 billion from the World Bank, €1.07 billion from the European Union, and an additional $820 million from the International Monetary Fund (IMF).
The International Monetary Fund (IMF) Mission Chief for Egypt Ivanna Vladkova Hollar said that the Ras El-Hekma deal, which is worth $35 billion, will reduce the pressure on the balance of payment but if it were used prudently.
Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the United Arab Emirates (UAE) at the Central Bank into local currency, as stipulated by the terms of the deal.
The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector to be an engine of growth.
Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the UAE at the Central Bank into local currency.
The objective behind this initiative is to create a global financial hub and attract foreign investments, as stated by the sources.
Egypt’s Prime Minister Mostafa Madbouli said on Monday that there are presidential directives to immediately release goods from Egyptian ports with giving priority to foodstuffs and medicines.
Prime Minister Mostafa Madbouly confirmed on Thursday that Egypt had received $5 billion as part of the initial installment of the investment partnership agreement with the United Arab Emirates aimed at developing Ras El Hikma.
President El Sisi issued a presidential decree yesterday, Tuesday, allocating a plot of state-owned land with an area of 170.8 million square meters
The waterfront will be in line with the New Urban Agenda, Egypt’s 2030 Agenda and the international sustainable development goals.
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