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June 29, 2022

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Madbouly: 35 billion dollars of investments will enter Egypt within two months through the “Ras Al-Hikma” project

Egyptian prime minister Mustafa Madbouly revealed the fact of the financial agreement for the “Ras Al-Hikma” project, explaining that the deal includes two parts, the first part is a financial advance, and the second part is a share of the profits of the project.


Mustafa Madbouly said during a press conference held on Friday that the offer includes foreign direct investment entering the Egyptian state with a total of 35 billion dollars, in two batches with a total of 15 billion dollars within a week and after a week it enters 20 billion dollars.


Madbouly continued: “within two weeks, 10 billion dollars of liquidity from abroad and 5 billion of deposits from the UAE will enter our country . .Within two months, a second batch of 14 billion direct liquidity and the remaining 6 billion UAE deposits will enter,”he said.


Madbouly hinted that the UAE has deposits of 11 billion in Egypt, and that the Egyptian state will have a share of the profits of the Ras Al-Hikma project.
This came during the review of the details of the project to develop the city of “Ras Al-Hikma”, during a conference in the presence of representatives of the deal from the United Arab Emirates and a number of Egyptian officials.

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