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FINANCIAL NEWS
Qatar lends Egypt USD2b to help struggling economy
13 Aug 2012
(MENAFN) Qatar agreed to lend Egypt USD2 billion to help the struggling economy to recover, Egypt’s state Middle East News Agency (MENA) reported.
The loan announcement came during the visit of Qatari emir Sheikh Hamad bin Khalifa Al Thani to Egypt, MENA said.
The Egyptian economy was heavily hit in the wake of the popular uprising last year, and is still suffering the aftermath as tourists and investors were scared off.
The country’s foreign reserves have dropped to USD15.5 billion, more than halved January 2011 level, while interest rates have increased to 16 percent, the highest in a decade.
The Egyptian government expects a growth rate of 3.5 percent to 4 percent in 2012-2013.
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