Prime Minister Mostafa Madbouly announced that Egypt will receive $35bn as a down payment for the Ras Al Hekma development deal. The first payment of $15bn will be received within two months, followed by another $20bn. The Prime Minister explained that the first payment of the deal includes $10bn in direct liquidity from abroad, in addition to the UAE waiving $5bn of its deposits at the Central Bank of Egypt. The total investment in the development of Ras Al Hekma City is $150bn, and Egypt's share of the project's profits is 35%. "Foreign direct investment through Ras Al Hekma development deal contributes to eliminating the parallel market for foreign currency in Egypt." Madbouly said that the New Urban Communities Authority represents Egypt in the Ras Al Hekma City development deal, while Abu Dhabi Developmental Holding Company (ADQ) represents the UAE. The Prime Minister added that ADQ will establish Ras Al Hekma Company as an Egyptian joint stock company to develop Ras Al Hekma City on an area of 170.8 million square meters. Egypt Close to Finalizing Agreements with IMF, World Bank, and EU for Foreign Currency Madbouly announced that Egypt is very close to finalizing agreements with the International Monetary Fund (IMF), the World Bank, and the European Union (EU) to secure sufficient foreign currency. The Prime Minister stated that these agreements will help to stabilize the Egyptian economy and improve the country's credit rating. He also said that the agreements would lead to increased foreign investment in Egypt.
