Financing could strengthen country’s IMF bid
Qatar is to extend $3bn in financial support to help Egypt’s struggling economy.
The announcement was made during a visit by some members of the Egyptian cabinet to the Qatari capital of Doha this week.
The funding will come in the form of bonds or as a deposit in Egypt’s Central Bank. It is in addition to a previously pledged investment of $18bn to be made by 2018 from the GCC state.
A total of $5bn has already been granted by Qatar since Egypt’s revolution two years ago.
The financial aid is much-needed as Egypt tackles falling foreign currency reserves and a widening budget deficit. Its credit rating has also been cut.
The North African country is still seeking to secure a $4.8bn loan from the International Monetary Fund (IMF). It is thought the Qatari aid could help the Egyptian government’s bid to win the funding.