Egypt to secure $20B 2nd tranche of Ras El Hekma project by end of May – Egypt Today

  • Date: 21-Apr-2024
  • Source: Egypt Today
  • Sector:Real Estate
  • Country:Egypt
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Egypt to secure $20B 2nd tranche of Ras El Hekma project by end of May – Egypt Today





CAIRO – 21 April 2024: In an interview with CNBC Arabia, Finance Minister Mohamed Maait stated that Egypt is set to receive approximately $20 billion from the second tranche of the Ras El Hekma project by the end of May 2024.

 

By the end of June 2024, Egypt anticipates receiving $1 billion from the World Bank, €1.07 billion from the European Union, and an additional $820 million from the International Monetary Fund (IMF). 

 

Furthermore, Japan will provide Egypt with $230 million, but the timing of their disbursement has not yet been determined, Maait disclosed.

 

Minister Maait revealed that a sum of payments totaling between $25 and $30 billion is expected to be received by Egypt by the end of April, including the months of May and June.

 

 He further stated that 50 percent of the proceeds from offerings, particularly from the Ras El Hekma project, will be allocated towards reducing debt.

 

Regarding Egypt's debt ratio to the economy, Maait projected that it would reach 88 percent by the end of FY 2023/2024. 

 

The minister shared that Egypt has set a target to obtain approximately $2.4 billion from the IPO program and expressed confidence that this goal will be achieved by FY 2023/2024. 

 

Furthermore, he confirmed Egypt's aim