This is the first time another Covenant is made, but this one is not for the entire human race. God chooses not just one person that finds grace in His eyes, but an entire Nation that will be born to be His particular people which is made by God through Moses with the people of Israel.
To re-cap: At the end of our time together through the Second part of the Abrahamic Covenant, we left two sides of a split family, heading in different directions. God tells of the History account of the family side of Abraham, Issac and Jacob, now the generations, the Blessed Nation that God has made and we follow into slavery into Egypt.
Slavery?? What kind of blessing is that, you say?
There was supposed to be Land, a Name, and all the families of the Earth were to be blessed through Abraham. Had God changed His mind?