Egypt – Egyptian financial skilled Medhat Nafie confirmed that the Ras al-Hikma cope with the UAE contributed to opening the arteries of the Egyptian economic system to obtain giant greenback inflows and even whet the urge for food of the Worldwide Financial Fund itself.
He added throughout his interview with the “Al-Hekaya” program offered by the journalist Amr Adeeb on the “MBC Misr” channel: “We entered greenback flows after the Ras Al-Hikma deal estimated at 54 billion {dollars},” noting that “Ras Al-Hikma opened the urge for food of the Worldwide Financial Fund itself to maneuver ahead.” In this system, it opened the urge for food for decent cash to enter with out concern of the upcoming stumble and the World Financial institution’s willingness to provide Egypt $7.8 billion.”
He identified: “I proposed forming a nationwide committee of consultants to control, comply with up and monitor the efficiency of the Worldwide Financial Fund program in line with customary indicators, and implement the prescription for financial reforms.”
Relating to his expectations for the worth of the greenback through the coming interval, he mentioned: “The worth of the greenback could fall additional, and the pound could also be stronger than that, however the Central Financial institution is wise and won’t do this and manages it properly with a view to obtain sizzling cash.”
He identified that if the Central Financial institution determined to scale back the worth of the greenback, this is able to result in the exit of sizzling cash from Egypt, so it will be sensible to not scale back the onerous foreign money at the moment.
It’s noteworthy that on February 23, 2024, Prime Minister Mostafa Madbouly introduced the main points of the “largest direct funding challenge ever” with the Abu Dhabi sovereign fund, the Holding Firm “ADQ”, which is a vacationer actual property challenge underneath the identify “New Ras Al-Hikma” with an space of 170.8 million sq. meters. Sq..
The challenge was designed to generate $35 billion inside two months, together with $24 billion in direct liquidity and $11 billion in Emirati deposits.
The challenge is a part of Egypt’s city growth plan for the 12 months 2052, and goals to result in 8 million further vacationers to Egypt.
Supply: Veto Portal + RT
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2024-05-19 11:48:50