'Egypt is Few Steps away from Completing IMF Deal', PM Says

PM Mostafa Madbouly confirmed that Egypt is a few steps away from completing an agreement with the International Monetary Fund (IMF), the World Bank, and the European Union to provide a sufficient amount of foreign currency to the country.

Madbouly's statements came during a press conference, held Friday, to review the details of the "Ras El Hekma" city development project, in the presence of representatives of the deal from the United Arab Emirates and the United Arab Emirates and a number of Egyptian officials.

Mostafa Madbouly said that his country is establishing a clear mechanism for any foreign direct investment (FDI) to replicate the “Ras El Hekma” development model.

Mostafa Madbouly said during the conference: “We are preparing to present high-level projects such as the development of Ras El Hekma.”

He continued: "We announce a new beginning for the Egyptian economy and the introduction of a sufficient amount of foreign currency. We are preparing for a public offering of a heavy weight."