Xinhua Finance Cairo, March 2 (Reporter Zhang Jian, Yao Bing) The Egyptian cabinet issued a statement on March 1, saying that Egypt received the first and last remittance of 5 billion US dollars from the United Arab Emirates to invest in the Egyptian Mediterranean coast project on the same day. So far, Egypt has received the first investment of $15 billion for the project.
According to the statement, the $15 billion includes two remittances totaling $10 billion and the conversion of $5 billion in UAE deposits with Egypt** banks into investment funds.
The statement noted that the first tranche of the UAE's $35 billion investment has been received, totaling $15 billion, and Egypt will receive the remaining investment funds for the project within two months.
Egypt and the United Arab Emirates signed an agreement on February 23 in Egypt's new administrative capital to build a new city in Ras Hekma in Matrouh province on Egypt's Mediterranean coast. According to the agreement, the UAE will inject $35 billion in foreign direct investment into Egypt within two months.
In addition, Egypt** reiterated in its statement that as part of the agreement, Egypt will receive 35% of the profits from the project. Egypt's goal is to bring success to this project and make it a model for investment partnerships with other countries.
Egyptian Prime Minister Madboouly announced on February 29 the creation of a ministerial committee headed by him to streamline procedures, overcome obstacles, and coordinate project implementation. He said the project represented a partnership between the private sector and that it would not undermine Egypt's sovereignty over its territory.
Editor: Wang Yuanyuan.
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