30 March 2022; MEMO: Qatar has pledged to pump $5 billion into Egypt's investment markets in a boost to the ailing Egyptian economy, it was reported on Tuesday.
According to official mass media in both countries, their respective governments agreed to form a committee to coordinate investment plans. However, no timetable was provided for the formation of the committee or the investment process.
Speaking to Bloomberg, Egyptian Planning Minister Hala Elsaid said that the Qatar Investment Authority, the country's sovereign wealth fund, will hold the proposed investments.
"The investments will be long term and they reflect a vote of confidence in the Egyptian economy," explained Elsaid, who is the chair of Egypt's sovereign wealth fund.
Egypt has one of the Middle East's highest levels of debt. As a major food importer, it has been hit hard by record grain prices fueled by the Russian war in Ukraine.
The Qatari pledge comes after Abu Dhabi put together a $2 billion deal earlier this month to buy Egyptian state-owned stakes in publicly listed companies, said Bloomberg. The financial publication also reported a source as saying that the UAE deal aimed to shore up food security, which is a key issue in Egypt, a major regional ally.
