2024-02-24 03:46:33
Dubai United Arab Emirates (CNN)-Activists on social media circulated video clips and statements of a speech by Egyptian Prime Minister Mostafa Madbouly announcing the “Ras Al-Hikma” project between Egypt and the Emirates, raising questions amid widespread interaction.
Madbouly had clarified regarding the financial aspect, which is the provision of foreign direct investment entering the Egyptian state within two months, with a total of 35 billion dollars, which will be divided into two batches, the first batch within a week, worth 15 billion dollars, and the second batch two months following the first batch, with a total of 20 billion dollars.
He added: “As for the first batch, the $15 billion, it will be divided into $10 billion that will come as liquidity directly from abroad, in addition to the UAE or Abu Dhabi Holding Company giving up part of the deposits that were present in the Central Bank,” and he revealed that the UAE has $11 billion. At the Central Bank of Egypt.
The Egyptian Prime Minister continued, saying: “We have deposits in the Central Bank worth 11 billion dollars for the UAE, 5 billion of which will be converted in the first batch of dollars into the Egyptian pound in order for the Abu Dhabi Development Company and the project company to use them in establishing the project, and in this way foreign investment will enter.” Direct, with a total of 15 billion in the first batch.”
Madbouly added, saying: “And two months later, $20 billion will enter, consisting of 14 billion direct liquidities, in addition to the remaining part of the deposits, the 6 billion. Thus, we are talking regarding 24 billion direct liquidities that will enter in addition to the 11 billion that were deposits that will be transferred to the Central Bank.” The Central Bank will obtain them to the Egyptian pound and the equivalent amount in Egyptian will be used by the company (the project company) to develop the project.”
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