Egypt announced that Qatar plans to invest 5 billion dollars in the country in the future.
In the statement made by the Egyptian cabinet after the meeting between the officials of the two countries, it was noted that it was decided to establish a joint committee to coordinate the investments.
While it was stated that the Egyptian economy, one of the main food importing countries, was hit hard by the record-breaking grain prices stemming from the Ukraine war, no timetable was given for the said investments.
Egypt, one of the most indebted countries in the Middle East, was importing most of its grain from Russia and Ukraine. However, one of the country’s most important sources of income is tourism revenues, which are mainly fed by Russian tourists.
The Qatar deal comes after the Abu Dhabi Wealth Fund bought shares in Egyptian publicly-owned companies worth nearly $2 billion earlier this month. This move is considered as one of the most concrete examples of the support given by the Gulf countries to Egypt to get out of the crisis.
It is known that Egypt, which is the most populous country in the Arab world, is in search of financing, which includes obtaining a loan from the International Monetary Fund in addition to this support.