Qatar loans Egypt $2bn to boost struggling economy
Qatar has agreed to loan Egypt some $2 billion to help the country’s economy get back on its feet following last year’s revolution, its state news agency reports.
The loan was announced on Saturday during the Emir’s first visit to Egypt since Hosni Mubarak resigned in February 2011.
It was also his first meeting with Egypt’s new president, Mohammed Morsi, whose Muslim Brotherhood group is widely seen as holding strong ties with Qatar, AP reports.
Last year, Qatar gifted Egypt some $500 million in budgetary support amid the country’s refusals to take loans from the International Monetary Fund or the World Bank.
But now, Egypt has asked the IMF for a $3.2 billion aid package, pending a comprehensive economic recovery plan.
Credit: Photo by Travel Aficionado
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