Egypt Receives Second Tranche of $35 Billion Investment for Ras El-Hekma

The Egyptian government announced that it received USD 14 billion (EGP 655 billion) as the second installment of funding from the USD 35 billion (EGP 1 trillion) Ras El-Hekma development agreement, according to a cabinet statement on Wednesday, 15 May. Prime Minister Mostafa Madbouly also mentioned that the government has started working with the UAE to convert a USD 6 billion (EGP 281 billion) deposit into Egyptian pounds, as agreed upon in the city’s development partnership. In the same vein, …