Cairo: Qatar says it will increase its financial aid to Egypt by USD 2.5 billion, bringing its total assistance to USD 5 billion.
Qatari Prime Minister Sheik Hamad Bin Jassem Al Thani says his nation will loan Cairo an additional USD 2 billion and transfer another USD 500 million grant. He was speaking in Cairo today after a meeting with his Egyptian counterpart.
Qatar has already deposited USD 2.5 billion, helping to prop up Egypt`s foreign currency reserves. They stand now at USD 15 billion, and the country`s central bank warns that is a "critical minimum" level.
In parallel, Cairo is in renewed discussions for a USD 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.