The Egyptian government announced that it received USD 14 billion (EGP 655 billion) as the second installment of funding from the USD 35 billion (EGP 1 trillion) Ras El-Hekma development agreement, according to a cabinet statement on Wednesday, 15 May. Prime Minister Mostafa Madbouly also mentioned that the government has started working with the UAE to convert a USD 6 billion (EGP 281 billion) deposit into Egyptian pounds, as agreed upon in the city’s development partnership. In the same vein, he noted a growing confidence in a rise in remittances due to Egyptians abroad. Additionally, there has been an increase in dollar transfers to banks and exchange offices due to a decline in the pa
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