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Egypt, Qatar Sign $5 Billion in Investment Deals

Egypt, Qatar Sign $5 Billion in Investment Deals

Tuesday, 29 March, 2022 - 10:30
A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany

Egypt and Qatar have agreed to sign investment deals worth $5 billion, the Egyptian cabinet said in a statement on Tuesday.

The cabinet gave no details of the investments and partnerships, announced during a visit to Cairo by the Qatari ministers of foreign affairs and finance, saying only that they would be for the “coming period.”

Egypt is facing new financial pressures linked to the war in Ukraine, which is pushing up the cost of its large wheat import needs and hitting Red Sea tourism, according to Reuters.

Egypt’s foreign minister said on Monday that the two countries were setting up a joint committee to strengthen cooperation across different fields.

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