Qatar’s sovereign wealth fund to pump $5 billion into investments in Egypt – ArabianBusiness

Qatar’s sovereign wealth fund to pump $5 billion into investments in Egypt – ArabianBusiness

Qatar has pledged to pump $5 billion into investments in Egypt, making it the latest energy-rich Gulf state to support the economy of the North African country, which is also seeking International Monetary Fund assistance.

The Qatar Investment Authority, its sovereign wealth fund, will hold the proposed investments, Egypt’s Planning Minister Hala Elsaid said following the announcement.

The two countries have agreed to form a committee to coordinate investment plans, the Egyptian and Qatari governments confirmed. No timetable was given, according to a Bloomberg report.