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Egypt awaits up to US$6 billion from the European Union

Egypt expects to receive about five to six billion dollars (LE246 to LE296 billion) in funding from the European Union soon, according to Egyptian Finance Minister Mohamed Maait in an interview with Asharq Business.

Maait explained on Thursday that the new agreement with the International Monetary Fund (IMF) would stimulate foreign support totaling US$20 billion for the economy from the World Bank, the European Union, Japan, and the United Kingdom during the coming period.

In the Sunday interview, he added that part of the European aid package will be allocated to the private sector and another part to the state budget.

Maait’s statements come after the IMF agreed to increase the country’s support program from three to eight billion dollars, following the liberalization of the exchange rate and raising interest rates.

At the end of February, Egypt signed a real estate investment deal, under which the ADQ Holding Company acquired the rights to develop the Ras al-Hikma project for US$24 billion, with the aim of developing the region – in addition to transferring $11 billion in deposits that will be used to invest in major projects all over the country.

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