Egypt – Egyptian Prime Minister Mostafa Madbouly confirmed that the International Monetary Fund has finally approved Egypt’s program and raised its value to $8 billion, pointing out that the first installment of the loan will arrive next week.
Madbouly said, during a press conference at the end of his inspection tour of a number of factories in the Tenth of Ramadan City: “Yesterday, the IMF finally approved Egypt’s program for the first loan installment, which will arrive in Egypt next week.”
The Egyptian Prime Minister pointed out that the second batch of the Ras El Hekma development deal will arrive at the beginning of next May, amounting to 20 billion US dollars.
The Egyptian Prime Minister stressed that the government fully supports increasing investments, especially foreign ones, in Egypt.
He added, “Things are improving and progressing for the better in the coming period. Things have returned to normal and we are working with all our efforts to complete the reform paths.”
Madbouly explained that the dollar gap decreases with the deepening of local manufacturing and increased production, indicating that Egypt’s exports will exceed $145 billion during the next six years.
The Egyptian government announced earlier that it had received another $5 billion from the first installment of the “Ras El Hekma” deal, for the investment partnership with the Emirates, regarding the Ras El Hekma City development project.
Source: Novosti
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2024-04-02 03:30:34
