Egypt receives 14 bln USD from UAE as 2nd payment of investment deal: cabinet
STORY: Egypt receives 14 bln USD from UAE as 2nd payment of investment deal: cabinet
SHOOTING TIME: file
DATELINE: May 16, 2024
LENGTH: 00:00:45
LOCATION: Cairo
CATEGORY: ECONOMY
SHOTLIST:
1. various of the cabinet headquarters
2. various of Egyptian PM speaking
3. various of U.S. dollars
STORYLINE:
Egypt has received 14 billion U.S. dollars from the United Arab Emirates (UAE) as the second payment of a 35-billion-dollar investment deal signed in February to develop Ras Al-Hekma, a new resort city on Egypt's northern coast, the Egyptian cabinet said Wednesday.
During a cabinet meeting, Egyptian Prime Minister Mostafa Madbouly confirmed the receipt of the payment, which he said would "contribute to pumping more dollar resources," according to a statement released by the cabinet.
In early March, Egypt announced the receipt of 15 billion U.S. dollars from the UAE as the first tranche of the 35-billion-dollar deal. The sum included 5 billion received in late February, another 5 billion received in earl
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