Egypt Approves Major Investment Deal

Egyptian Prime Minister Mostafa Madbouly announced that the Cabinet approved today, Thursday, "the largest direct investment deal through a partnership with major entities" aimed at "increasing the state's foreign currency resources." However, he did not specify the nature, value, or the party involved in the deal. Madbouly added, "The projects resulting from this deal will provide hundreds of thousands of job opportunities and contribute to economic revival." He noted that "this major deal and others, along with the significant liquidity it will provide in hard currency, will help stabilize the foreign exchange market and improve the economic situation" at a time when Egypt is finalizing a new agreement with the International Monetary Fund. He also mentioned that full details of the deal will be announced upon the signing of the relevant agreements.