The Egyptian government said on Wednesday that it had received $14 billion in the second round of finance from the $35 billion Ras El-Hekma development agreement.
Procedures have started to transfer $5 billion UAE deposits at the Central Bank of Egypt (CBE) to Egypt in Egyptian pounds as per the deal, Prime Minister Mostafa Madbouly told a cabinet meeting.
Between late February and early March, the government secured $15 billion as the first batch of the game-changer deal, which allowed the country to deal with its steep foreign currency shortage.
The sum included $10 billion of fresh inflows and $5 billion transferred from UAE deposits at CBE in Egyptian pounds.
The investment deal, signed on 23 February, focuses on developing the Ras El-Hekma area on the North Coast and injecting much-needed foreign currency into the economy.
This $35 billion investment marks the largest foreign direct investment (FDI) in the economy in Egyptian history.
The deal would allow Egypt to retain a 35 percent stake in the project.
The implementation of the project is expected to attract a total investment of $150 billion.
The project will aid Egypt in achieving its target of attracting 40-50 million tourists annually, according to government officials.
The project is anticipated to generate millions of jobs involving Egyptian contractors, real estate developers, logistics companies, and local factories.
