- Arrival of $14 billion and the beginning of procedures to waive $6 billion at the Central Bank for its equivalent in Egyptian pounds
- Dr. Mostafa Madbouly, Prime Minister, revealed that the Egyptian government received from the Emirati side the value of the second installment of the “Ras Al-Hikma” deal, as it actually reached $14 billion, which contributed to pumping more dollar resources.
- Madbouly added, during the Cabinet meeting today, Wednesday, that in addition to that, “we have started cooperating with the Emirati side in the procedures for waiving the value of the Emirati dollar deposit worth $6 billion at the Central Bank of Egypt, so that its value will be converted into its equivalent in Egyptian pounds, according to what was agreed upon in the investment partnership agreement for the development and growth of Ras Al-Hikma City between Egypt and the Emirates.”
- The Prime Minister stressed during the meeting that the economic indicators are going very well, but the most important and challenging thing is to continue with this approach, and what the state has decided to do to set a ceiling for public spending, make room for the private sector, and pay attention to the sectors of industry, agriculture, communications, and tourism within the state’s plan for structural reform of the Egyptian economy.
- In the same context, Dr. Mostafa Madbouly explained during the meeting that he is in regular and continuous contact with Hassan Abdullah, Governor of the Central Bank; and there is currently great confidence from Egyptians abroad, which has been translated into a steady increase in remittances, and there is also a significant increase in the surrender of the dollar at the banking system and various exchange offices in light of the decline of the parallel market.
