CAIRO, March 1 (Xinhua) -- The Egyptian government announced that it had received five billion U.S. dollars on Friday from the United Arab Emirates (UAE) as part of the latter's multibillion-dollar investment to develop a new city on Egypt's northern coast.
According to a statement released by the cabinet, an amount of five billion dollars was received on Thursday as part of the same deal. Additionally, the central banks of both countries have completed the coordination required for transferring a five billion dollar deposit from the UAE to Egypt.
"With the receipt of a total of 15 billion U.S. dollars, the first tranche of the 35-billion U.S. dollar investment from UAE has been received," the statement added, adding the remaining funds from the deal will be obtained in two months.
Last week, the two Arab countries reached a deal to develop Ras Al-Hekma, a 170-square-km area west of Egypt's Mediterranean city of Alexandria, into a new massive urban, business and tourism center.
As per the deal, the UAE will inject 35 billion dollars in foreign direct investment into Egypt within the next two months.
Moreover, the government's statement reaffirmed that as part of the agreement, Egypt will get 35 percent of the project's profits.
It added that Egypt aimed to ensure the success of this giant project and make it a model for future investment partnerships with other countries.
Egyptian Prime Minister Mostafa Madbouly announced on Thursday the formation of a ministerial committee, led by himself, to streamline procedures, overcome obstacles, and coordinate joint efforts for the project's implementation.
He added that the project represents a partnership between the government and the private sector, emphasizing that it will not compromise Egypt's sovereignty over its territories. ■
