Egypt Receives First $35 Billion Installment from UAE for Mediterranean Coast Project

Egypt Receives First $35 Billion Installment from UAE for Mediterranean Coast Project

By Staff Writer, 03 March 2024

Egypt has received the initial installment of a pledged $35 billion fund from the United Arab Emirates (UAE) earmarked for the development of the country's Mediterranean coast, specifically the Ras El-Hekma area.

Local media outlets, citing Egyptian President Abdel Fattah El Sisi, reported that a segment of the financing has been transmitted through the Central Bank of Egypt, with another installment scheduled for transfer on Friday, March 1st.

Last week, Egypt finalized a significant investment agreement with the UAE to establish a modern city in Ras Al-Hekma, situated west of Alexandria on the North Coast.

Per the terms of the agreement, Egypt is slated to receive $15 billion within a week, with the remaining $20 billion disbursed over two months.

President El Sisi, as quoted by news source AhramOnline, remarked, "The figures announced have been received yesterday, part of which was transferred to the Central Bank of Egypt today and the same amount it set to be delivered on Friday."

Analysts suggest that the agreement could have a positive impact on the Egyptian pound. Oxford Economics anticipates a potential increase in the local currency's value to 45 against the US dollar by year-end.

Source: Cleofe Maceda / Zawya

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