(Reuters) -Qatar and Egypt agreed to work towards a package of $7.5 billion in direct Qatari investments, according to a joint statement released by the Egyptian president’s office on Monday.
Egypt is pushing ahead with efforts to secure funding from Gulf neighbours and foreign partners as it seeks to tackle heavy foreign debts and a gaping budget deficit.
The statement did not provide further details about the planned package. The pledge was made during a visit on Sunday by Egyptian President Abdel Fattah al-Sisi to the Gulf country, where he met with Qatar’s Emir Sheikh Tamim bin Hamad al-Thani.
Last year, Egypt signed a deal with Abu Dhabi-based sovereign fund ADQ to develop a city at Ras El Hekma on Egypt’s north coast.
The deal was expected to bring $35 billion in short-term investments – including $24 billion for the land rights to the undeveloped site on the Mediterranean coast – providing a crucial injection of funds for Egypt.
(Reporting by Mohamed Hendawy; Writing by by Tala Ramadan and Menna Alaa El-Din; Editing by Alison Williams and Emelia Sithole-Matarise)
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