Egyptian Prime Minister Mostafa Madbouly confirmed that the International Monetary Fund has officially approved Egypt's program, raising its value to 8 billion dollars, noting that the first tranche of the loan will arrive next week. Madbouly stated during a press conference following his inspection tour of several factories in the city of 10th of Ramadan, "The IMF approved Egypt's program yesterday for the first tranche of the loan, which will arrive in Egypt next week."
The Egyptian Prime Minister also mentioned that the second installment of the Ras Al Hikma development deal will arrive at the beginning of May, amounting to 20 billion US dollars. He emphasized that the government fully supports increasing investments, especially foreign ones, in Egypt.
He added: "Things are improving and progressing for the better in the upcoming period; matters have returned to normal, and we are working hard to continue with the reform paths." Madbouly explained that the dollar gap is decreasing with the deepening of domestic manufacturing and increasing production, indicating that Egypt's exports will exceed 145 billion dollars over the next six years.
Additionally, the Egyptian government previously announced that it received another 5 billion dollars from the first tranche of the "Ras Al Hikma" deal, related to the investment partnership with the UAE regarding the development and enhancement of the Ras Al Hikma city project.
