Qatar Doubles Aid to Egypt (NYT, 08/01/2013)

Qatar announced Tuesday it was doubling its financial aid to the Egyptian government with a new injection of $2.5 billion. Egypt’s economy has been in a slide since the fall of Hosni Mubarak two years ago, and help from Qatar has been crucial to the government of President Mohammed Morsi. Qatar has assisted Egypt with $2.5 billion in deposits since August, after Mr. Morsi won the country’s first free presidential election. The Qatari prime minister, Sheik Hamad bin Jassem al-Thani, said his nation will lend Cairo an additional $2 billion and transfer another $500 million outright grant, bringing its total assistance to $5 billion. Qatar has already agreed to invest $18 billion in Egypt over the next five years and its QInvest company has moved to purchase a majority stake in Egypt’s biggest investment bank, EFG Hermes.

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