Qatar pledges additional $3 billion in Egypt aid

PM also says the Gulf state will increase natural gas shipments

10 April 2013, 2:47 pm

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Former Qatari prime minister Hamad bin Jassem Al-Thani. (CC-BY-SA World Economic Forum, Wikimedia Commons)

DOHA, Qatar (AP) — Qatar’s prime minister says the Gulf nation will give Egypt another $3 billion to bolster its ailing economy and help rebuild key industries.

The pledge on Wednesday adds to Qatar’s previous promises to invest up to $18 billion in Egypt over the next five years. It also highlights a critical economic lifeline for Egypt’s governing Muslim Brotherhood, which has close ties with Qatar’s rulers.

Qatar’s prime minister, Hamad bin Jassim Al Thani, also said that the Gulf state will increase natural gas shipments to Egypt in the summer to help its overburdened energy networks.

The announcements followed talks with visiting Egyptian Prime Minister Hesham Qandil.

Egypt’s economy has tumbled since the fall of Hosni Mubarak two years ago. Unrest has scared away foreign investors and crippled the vital tourism industry.