Ras El Hekma
According to the release, the Ras El Hekma megaproject is expected to contribute approximately $25 billion annually to Egypt's GDP and create around 750,000 jobs, with projected cumulative investments reaching $110 billion by 2045
Plans are set to establish an airport in Ras El-Hekma as part of mega construction projects in the North Coast, Minister of Civil Aviation Sameh El-Hefny said Sunday.
The alternative place has been named Shams El Hekma.
The Central Bank of Egypt (CBE) reported holding LE 1.883 trillion in foreign assets at the end of April, while commercial banks held LE 1.195 trillion
Furthermore, the Cabinet spokesman, Mohamed El-Homsani, informed Al Arabiya that Egypt will soon finalize the transfer of land for the Ras El Hekma project to the recently established Ras El Hekma for Urban Development Project Company.
In an official statement, Madbouly also stated that Egypt is working with the UAE to waive an Emirati deposit of $6 billion in the Central Bank of Egypt (CBE) and convert it to Egyptian pounds
Egyptian Prime Minister, Dr. Mostafa Madbouly, chaired Wednesday the weekly cabinet meeting, at the government headquarters in the New Administrative Capital, where a number of important work files were discussed and reviewed.
Reportedly received by Egypt on Sunday, the tranche consisted of $14 billion and $6 billion currently held from a previous deposit by the UAE at the Central Bank of Egypt (CBE)
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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