Qatar offers Egypt $3 billion in aid

  • Qatar has offered Egypt to buy $3 billion worth of its bonds.

    The cash injection comes in addition to a previously pledged $18 billion worth investment in Egypt from Qatar by 2018.

    Qatar will also supply Egypt with natural gas when required, Prime Minister Sheikh Hamad bin Jassim al-Thani said on Wednesday.

    Egypt has already asked the International Monetary Fund for a loan of $4.8 billion in a bid to alleviate an economic crisis following two years of political instability.

    In recent months, reserves of foreign currency have dropped to critically low levels subsequently threatening the country’s ability to purchase supplies of wheat and fuel.

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