Qatar plans to invest $5 billion in Egypt

Egypt

Qatar plans to invest $5 billion in Egypt in the coming period, Egypt said, as the North African nation’s economy is buffeted by the war in Ukraine.

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

A major food importer, Egypt has been hit hard by record grain prices fueled by the conflict. It buys most of its wheat from Russia and Ukraine, while Russian visitors have previously made up a significant proportion of its tourism market.

The Qatari agreement 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 most populous Arab nation is seeking support from the International Monetary Fund that could include a loan.