Qatar to invest $5 billion in Egypt's economy
Qatar plans to invest $5 billion in the Egyptian economy. This payment package is designed to strengthen economic and investment cooperation between the two countries. The time frame for providing investment is not yet known.
At the moment, the Egyptian economy is under pressure amid an inflationary wave caused by the coronavirus pandemic and the Russian-Ukrainian conflict, which led to an increase in oil prices. The conflict has also affected Egypt's tourism sector, which generates a lot of income for the country. The state is also the largest importer of wheat, most of which previously came from Russia and Ukraine.
Qatar's previous investments in Egypt have focused on the government and oil sectors. They included a $1.3 billion investment in one of the largest hotels on Cairo's Nile River, and Qatar's national company Qatar Petroleum held a large stake in Egypt's $4.4 billion oil refinery.
At a joint press conference between representatives of the two countries, held on Monday, it was also announced that the mutual relations of the states have improved.