Egypt Receives $14 Billion from UAE as Second Payment of Investment Deal, Fuelling Economic Growth

 



The UAE has invested $14 billion in Egypt and will help the country achieve major progress in its development agenda. On Friday during a cabinet meeting held at the Secretariat Office Building (SOB) in Cairo, the Egyptian Prime Minister Mr. Mostafa Madbouly confirmed having received that amount from them, thus indicating his government’s dependence on this financial boost for economic empowerment purposes. This payment marks the second tranche of a monumental $35 billion investment deal inked in February, aimed at advancing the development of Ras Al-Hekma, a promising new resort city nestled along Egypt's northern coast.

Since the first $15 billion was extended in March, Egypt has had a significant increase in overseas investments showing that people are more confident about how it will perform economically in future. Not to mention further financial backing guaranteed by organizations such as World Bank, European Union among others have placed Egypt on a good stand to use them in driving forward its reform programs while at the same time stimulating long-lasting development. The increase in money does not only highlight Egypt's attractiveness for global investors but also stresses the ongoing collaborative endeavors towards enhancing prosperity and advancement in the area.



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