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 mentioned, signalling rising enchancment in ties between the 2 nations.
The announcement got here on Tuesday as Qatar International 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 mentioned 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 economic system is below strain amid an inflationary wave triggered by the coronavirus pandemic and Russia’s struggle in Ukraine, which triggered oil costs to surge.
The struggle has additionally impacted the important tourism sector, as most international guests to the nation’s Purple 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 12 months. 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 keeping 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 actual state and oil sectors, together with the constructing of a $1.3bn luxurious resort on Cairo’s Nile Corniche. Qatar Petroleum held a significant stake in a $4.4bn refining agency, in keeping with the state-run Al-Ahram day by day.
In a joint information convention Monday with International Minister Sameh Shoukry, Al Thani mentioned Qatar’s ties with Egypt had 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 aspect and Qatar on the opposite.
The 4 nations had imposed a blockade on Qatar and hoped an embargo and media blitz would strain 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 Could 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 once they attended the opening of the Olympic winter video games in Beijing.
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