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FINANCIAL NEWS
Qatar provides additional USD2.5b aid for Egypt
09 Jan 2013
(MENAFN) Qatar’s Prime Minister, Sheikh Hamad bin Jassim al-Thani, stated that his country has granted Egypt an initial package of USD2.5 billion, reported Arabian Business.
The prime minister said that of the amount, USD2 billion is a deposit, and the remaining USD500 million is a grant to control Egypt’s currency crisis.
The new Qatari grants and deposits with the central bank of Egypt had been transferred, and some of the final details with the deposits are being discussed with the technical people.
The Qatari funds would help Egypt until the government can ink an agreement with the IMF.
It is worth noting that the Egyptian pound weakened to a record low of nearly 6.48 to the dollar after the central bank offered USD60 million in a currency auction launched in a bid to control the currency crisis.
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