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Egypt says the transfer is supposed to strengthen financial and funding cooperation between two ‘brotherly’ nations.
Qatar will make investments $5bn in Egypt, officers have stated, signalling rising enchancment in ties between the 2 nations.
The announcement got here on Tuesday as Qatar Overseas Minister Mohammed bin Abdulrahman Al Thani wrapped up a go to to the Egyptian capital of Cairo, the place he met Egyptian President Abdel Fattah el-Sisi and different authorities officers.
An Egyptian assertion stated the $5bn bundle is supposed to “strengthen financial and funding cooperation between the 2 brotherly nations”.
The assertion didn’t present additional particulars equivalent to a timeframe for the investments. Qatar’s state-run information company additionally reported the event.
Egypt’s financial system is beneath stress amid an inflationary wave triggered by the coronavirus pandemic and Russia’s battle in Ukraine, which prompted oil costs to surge.
The battle has additionally impacted the important tourism sector, as most overseas guests to the nation’s Pink Sea resorts have come from Russia and Ukraine. Egypt can also be the world’s largest importer of wheat, most of it coming from Russia and Ukraine.
Al Thani, who can also be Qatar’s deputy prime minister, arrived in Egypt on Monday on his second go to since Egypt and three Gulf nations ended a blockade of Qatar final yr. He was accompanied by Finance Minister Ali bin Ahmed Al Kuwari.
El-Sisi, who met the Qatari ministers on Tuesday, hailed “the tangible progress in the middle of Egyptian-Qatari relations,” in accordance with the Egyptian chief’s workplace.
The Qatari officers additionally met Prime Minister Mostafa Madbouli and Finance Minister Mohamed Moait. The prime minister’s workplace introduced the funding settlement.
Qatar’s earlier funding in Egypt has targeted on the true state and oil sectors, together with the constructing of a $1.3bn luxurious lodge on Cairo’s Nile Corniche. Qatar Petroleum held a significant stake in a $4.4bn refining agency, in accordance with the state-run Al-Ahram day by day.
In a joint information convention Monday with Overseas Minister Sameh Shoukry, Al Thani stated Qatar’s ties with Egypt have been enhancing “after we overcame the earlier interval, which was marred by some tensions”.
A declaration in January 2021 ended a diplomatic disaster that started in 2017 with a rift between Egypt, Saudi Arabia, the United Arab Emirates and Bahrain on one facet and Qatar on the opposite.
The 4 nations had imposed a blockade on Qatar and hoped an embargo and media blitz would stress it to finish its shut relations with Turkey and Iran.
For the reason that dispute ended, ties between the 5 nations have improved and prime officers have exchanged visits. Al Thani visited Cairo in Might and met with el-Sisi.
The Egyptian chief additionally met twice with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — as soon as in November on the sidelines of a local weather change summit in Glasgow and most not too long ago in February after they attended the opening of the Olympic winter video games in Beijing.
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