Egypt receives $5B of funds for Ras El-Hekma’s deal: Madbouly
Updated 2/29/2024 2:04:00 PM
Arab Finance: Egypt has received $5 billion of the first tranche of the agreed-upon funds with Abu Dhabi Developmental Holding (ADQ) under the country’s $35 billion Ras El Hekma deal, Prime Minister Mostafa Madbouly stated on February 29th.
The country is set to receive another $5 billion on March 1st, Madbouly noted.
Moreover, the Central Bank of Egypt (CBE) has coordinated with the Emirati side to transfer $5 billion in deposits in Egyptian pound.
Madbouly pointed out that the country will receive the remaining amount of the deal within two months, in addition to 35% of the project’s profits.
On a separate note, Madbouly announced that the Ministry of Public Business Sector has received $520 million from the hotels deals announced recently and will receive the remaining dues in UDS soon.
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