Egypt’s prime minister Mostafa Madbouly on 14 May confirmed that the country had received an additional $14bn cash inflow from the UAE. Together with the transfer to Egypt of $6bn that the UAE previously had on deposit at Egypt’s central bank, this $20bn marks the final portion of the $35bn pledged to Cairo in late February, mostly for “development rights” to a mega-resort at Ras el-Hekma on the Mediterranean (MEES, 1 March).
Egypt pocketed the initial $15bn in March: $10bn of new cash and $5bn that the UAE had previously placed on long-term deposit at the central bank (MEES, 5 April). (CONTINUED - 195 WORDS)
