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FINANCIAL NEWS
Qatar to spend USD18b on Egyptian projects: PM
07 Sep 2012
(MENAFN) Qatar’s prime minister, Sheikh Hamad bin Jassim al-Thani, stated that his country plans to spend USD18 billion on investment projects in Egypt’s tourism and industry sectors, reported Arabian Business.
The prime minister said that the amount will be spent over the coming five years, adding that of the total, USD8 billion will be allocated to set up gas, power and iron and steel plants at the northern entrance to the Suez Canal, while the remaining USD10 billion will be invested in a huge tourist resort on the Mediterranean coast.
The Sheikh added that in August, the Gulf country deposited USD500 million in direct budget support at Egypt’s central bank as part of a USD2 billion pledge to support the country’s economy, whereas the remaining USD1.5 billion are divided on three portions, the first will be paid at the end of September, the second at the end of October and the final one at the end of November.
It is worth noting that Egypt has received over USD5 billion in loans and pledges during the past few months.
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