2024-02-24 22:03:00
12:03 AM Sunday, February 25, 2024
Signing the Ras El Hekma project agreement
Written by Dalia Al-Dhanini:
Dr. Mustafa Badra, the economic expert, revealed the fate of the revenue funds from the partners in the Central Bank after the Ras Al-Hekma deal, explaining that the funds are in Egypt and will not go out or be deducted from the foreign reserve, but rather go from one item to another.
He continued, during a telephone conversation with journalist Ahmed Moussa, on the “On My Responsibility” program, broadcast on Sada El Balad channel, that the deposits will be transferred in Egyptian pounds to be used in developing the Ras El Hekma project.
He explained that the UAE converted the deposit into an investment and from a dollar into a pound, and the Egyptian state benefited from it because it was converted into an investment that provides work capacity in Egyptian companies and factories.
He said that with the release of the deposits, there will be a decrease in the external debt to about 160 billion dollars during the first installment as a result of releasing 5 billion dollars from the deposit within two weeks, and a total decrease to 11 billion dollars within two months with Egypt receiving 35 billion dollars from the deal.
Dr. Mustafa Badra, the economic expert, concluded that foreign markets view Egypt as a large market and will begin transferring their money to it in order to invest in it.
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