Egypt will in May receive the second installment of $20 billion within a mega investment deal finalised with the Abu Dhabi-based investment and holding company ADQ in late February, Egypt’s Planning and Economic Development Minister was reported on Monday as saying.

Hala Al-Said said Cairo has received the first part of the planned $35 billion investment from ADQ, which is leading a consortium to develop Ras al-Hekma peninsula west of Northern Egyptian Mediterranean port of Alexandria.

“Egypt will receive the second installment of around $20 billion as part of Ras Al-Hekma deal in May,” she was quoted by Egypt’s Arabic language daily Addustour.

According to the deal, about $15 billion will be pumped within a week from the signing of the agreement and $20 billion after two months.

In a recent report, the Washington-based Institute of International Finance said Ras Al-Hekma deal would boost Egypt’s international cash reserves and reduce its swelling external debt.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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