The Cabinet approves the largest direct investment deal in investment partnerships with major entities

At its meeting today, Thursday, headed by Dr. Mostafa Madbouly, the Council of Ministers approved the largest direct investment deal through an investment partnership with major entities, in light of the state’s current efforts to attract foreign direct investment and increase the state’s foreign exchange resources.

Dr. Mostafa Madbouly stated that this major investment deal, which is being carried out in partnership with major entities, achieves the state’s development goals, which were set by the National Strategic Plan for Urban Development, indicating that this deal is the beginning of several investment deals, which the government is currently working on, to increase the state’s resources from Hard currency.

The Prime Minister explained that the full details of this deal will be announced, with the signing of its agreements, noting that the government’s success in attracting huge foreign investments confirms the confidence of major investment entities in the Egyptian economy and its ability to overcome challenges.

Madbouly pointed out that the projects resulting from this deal will provide hundreds of thousands of job opportunities, and will contribute to economic recovery, as well as the participation of various Egyptian companies and factories in the implemented projects, and multiple benefits for the Egyptian state.

Dr. Mostafa Madbouly stressed that this major deal, and others, and the large cash liquidity it will provide in hard currency, will contribute to the stability of the foreign exchange market and improve the economic situation, noting that the government is also currently working to end the agreement with the International Monetary Fund, and that The government is continuing its measures approved by the state ownership policy document, in terms of empowering the private sector and increasing its opportunities for participation in development sectors.

At the end of the discussions on the deal, the ministers thanked the Prime Minister and the work team of legal, technical and financial professionals who completed the negotiation of this important deal.