Egypt to receive $20B from Ras El Hikma funds at beginning of next May

CAIRO - 30 March 2024: Egypt will receive the second installment of funds from the Ras El Hikma deal, worth $20 billion, at the beginning of next May, Prime Minister, Mostafa Madbouly, announced, Saturday.

 

On Wednesday, Madbouly said that Egypt will receive the second installment of financial dues for the Ras El Hikma project in the coming weeks.

 

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.

 

Madbouly pointed out that the government, through its various ministries, is currently working on implementing its various commitments in the development project of the Ras El Hikma city by facilitating procedures and overcoming any obstacles, to expedite the start of various development projects. 

 

Additionally, several other investment projects are currently being promoted.

 

In February, Egypt signed a deal with the Abu Dhabi Developmental Holding Company PJSC (ADQ) - the sovereign wealth fund of the Emirate of Abu Dhabi - to develop the Ras El-Hikma city, with total investments of $35 billion.

 

The government expects the project to attract investments of up to $150 billion during its development, helping to provide millions of job opportunities and inject liquidity into the Egyptian economy.

 

Under the deal, Cairo will receive $35 billion within two months, including an $11 billion Emirati deposit in the Egyptian Central Bank, in addition to $24 billion to be injected by the United Arab Emirates.

 

Egypt will receive 35 percent of the profits from the Ras El-Hikma project, and the state will be committed to cash and in-kind compensation for the residents located on the city's lands.