(CNN)– Egyptian Prime Minister Mostafa Madbouly announced, on Thursday, that “only the Council of Ministers is responsible for announcing the details of major investment projects,” the day after the head of the Egyptian Investment Authority, Hossam Heiba, announced the “Ras El Hekma” development project and the selection of an “Emirati alliance” to implement it. .
The head of the Egyptian Investment Authority said in statements to CNBC, on Wednesday, that the Egyptian government received “offers from several international investment alliances and an Emirati alliance was chosen to implement the project,” referring to the “Ras Al-Hikma” project within the framework of developing the Northern Square area. He added that the investments The initial amount may exceed $22 million and will not be pumped all at once.
For his part, Egyptian Prime Minister Mostafa Madbouly said, according to what was reported by the Presidency of the Council of Ministers’ Facebook page: “There is a legal and technical committee formed in the Council of Ministers to study investment offers in important projects that are scheduled to generate huge resources of foreign exchange.”
Madbouly pointed out that “an international law firm was hired to prepare the final formulations regarding the agreements and contracts for these projects, given that there are many financial, legal, and technical details.”
The Egyptian Prime Minister confirmed that “soon, after completing negotiations with investors, all the details will be announced,” and added: “These major investment projects contribute to achieving the state’s development goals, providing hundreds of thousands of job opportunities, operating Egyptian companies, and reviving the sector.” Industry”.
Madbouly pointed out that “these investment projects will achieve a qualitative leap and provide multiple benefits for the Egyptian state,” and stressed that “the Council of Ministers is the only one responsible for announcing the details of these major investment projects, after finalizing their details.”
2024-02-08 14:24:43
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