The US-based investment bank Goldman Sachs expects an end to the foreign exchange crisis in Egypt within days or weeks at maximum following the government’s $35 billion Ras El Hekma deal with Abu Dhabi Developmental Holding (ADQ), Al Arabiya Business reported, citing a note by the bank.

The bank stated that the deal’s investments surpassed its previous forecasts, citing the prompt execution of the deal.

“If the financing comes through as planned, we believe this, along with an upsized IMF program, should provide ample liquidity to cover Egypt's financing gap over the next four years,” Goldman Sachs’s Analyst Farouk Soussa said in the note.

However, Soussa noted that ending Egypt’s foreign exchange crisis could entail a slight devaluation of the Egyptian pound, as compared to the current prices of the parallel market.

On February 23rd, the Egyptian cabinet announced that it would receive $35 billion in foreign direct investment (FDI) from ADQ for the Ras El Hekma project.

The country is set to receive the investment in two tranches; the first worth $15 billion within a week and the second tranche of $20 billion within two months.

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