CAIRO (AP) — Qatar says it will increase its financial aid to Egypt by $2.5 billion, bringing its total assistance to $5 billion.
Qatari Prime Minister Sheik Hamad Bin Jassem Al Thani says his nation will loan Cairo an additional $2 billion and transfer another $500 million grant. He was speaking in Cairo Tuesday after a meeting with his Egyptian counterpart.
Qatar has already deposited $2.5 billion, helping to prop up Egypt’s foreign currency reserves. They stand now at $15 billion, and the country’s central bank warns that is a “critical minimum” level.
In parallel, Cairo is in renewed discussions for a $4.8 billion loan from the International Monetary Fund, aimed at helping cover a widening budget deficit and boost investor confidence in Egypt’s ailing economy.
Copyright 2013 The Associated Press.