Qatar and Egypt have agreed on a set of investments and partnerships in Egypt, totaling US$ 5 billion. This came during a meeting held on Tuesday in Cairo between Egyptian Prime Minister Dr. Mostafa Madbouly and H.E. Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al Thani and H.E. Minister of Finance Ali bin Ahmed Al Kuwari.

The meeting dealt with a review of bilateral relations between the two brotherly countries and the importance of strengthening cooperation and coordination between them in various fields.

Bloomberg has reported that Qatar's $5 billion pledge makes it the latest energy-rich Gulf state to support the economy of the North African country that has been hit hard by record grain prices fueled by the Russian invasion of Ukraine.

It added that the Qatari pledge comes after Abu Dhabi wealth fund ADQ earlier this month made a roughly $2 billion deal to buy Egyptian state-owned stakes in publicly listed companies.

The two countries have agreed to form a committee to coordinate investment plans, Egypt’s cabinet said in a statement on Tuesday following meetings between Egyptian and Qatari officials. No timetable was given for the investments.

The two sides praised the step of forming a joint higher committee headed by the foreign ministers of the two brotherly countries with the aim of continuous consultation and strengthening cooperation and coordination in all fields.

The Qatar Investment Authority, its sovereign wealth fund, will hold the proposed investments, Egyptian Planning Minister Hala Elsaid said by phone after the announcement, according to Bloomberg.

Source: Bloomberg, Qatar News Agency
Cover image credit: QNA

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