Officials say Qatar will invest $5 billion in Egypt, a sign that relations between the two countries are improving.
The announcement comes as Qatari Foreign Minister Mohammed bin Abdulrahman Al Thani wrapped up his visit to Cairo on Tuesday, where he met with Egyptian President Abdel Fattah el-Sisi and other government officials.
The $5 billion package, according to an Egyptian statement, is intended to “strengthen economic and investment cooperation between the two brotherly countries.”
Further information, such as a timeline for the investments, was omitted from the statement. The development was also reported by Qatar’s state-run news agency.
The COVID-19 pandemic and Russia’s war in Ukraine, which has caused oil prices to soar, have both contributed to an inflationary wave that has put pressure on Egypt’s economy.
As a result of the conflict, the country’s Red Sea resorts have seen a significant decrease in foreign visitors from Russia and Ukraine. Furthermore, wheat from Russia and Ukraine is Egypt’s largest wheat import.
Egypt and three Gulf nations ended a blockade of Qatar last year, prompting Al Thani’s visit. Al Thani, who is also Qatar’s deputy prime minister, landed in Egypt on Monday.