Qatar has doubled the amount it is lending Egypt to $4 billion dollars, and the amount of aid it is giving to $1bn in order to boost the country’s economy, Reuters reports.
Sheikh Hamad bin Jassim al-Thani, the Prime Minister of Qatar, made the announcement of the additional $2bn loan and $500m grant after meeting Egypt’s President and Prime Minister in Cairo today.
Qatar announced its first $2bn loan and $500m grant four months ago. Qatari authorities have also said they intend to invest some $18bn in Egyptian infrastructure and tourism projects over the next five years.
Egypt’s economy has been suffering amidst political instability, with the latest wave of unrest triggered by disagreements over the country’s new constitution.
The government in Cairo is also seeking a $4.8bn loan from the International Monetary Fund.
Credit: Photo by Christian Papiermacher