12 April 2024 04:20 PM

PM says State received 1st batch of $5 bln from Ras El Hekma deal

Thursday، 29 February 2024 - 04:09 PM


Prime Minister Mostafa Madbouli said the State received the first batch of USD 5 billion from the USD 35 billion Ras El Hekma investment partnership deal that was signed with the UAE.

A second batch of USD 5 billion will be received on Friday, Madbouli added in a cabinet meeting on Thursday.

Apart from the 35 percent stake in the project, the State will get the remaining sum of the deal within two months, the premier stated.

He explained that a ministerial committee chaired by the prime minister will be formed to facilitate all measures and remove any obstacles to the Ras El Hekma development project.

Madbouli asserted the State is keen on ensuring the success of this mega development project to serve as a model for establishing other investment partnership deals that generate significant revenues.

He underlined that building such major investment projects clearly shows the attractive investment climate in Egypt and reflects the great confidence in the national economy.

The prime minister pointed out that the current structural reforms will contribute to achieving a quantum leap in the national economy, saying the government will continue to support key sectors such as industry, agriculture and communications, as well as green hydrogen.

He underlined that the Ras El Hekma development project is the beginning for reforming the economic situation, noting the government will keep on rationalizing investment spending, enhancing governance and increasing the private sector’s contribution to the national economy. (MENA)

At the end of the meeting, the premier said the Public Business Sector Ministry received USD 520 million from the recently-announced hotels deal.


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