Menu

World

Qatar grants Egypt $2 billion loan

Qatar has granted Egypt a $2 billion loan to help the country's flagging economy, Egypt's official news agency said on Saturday.

MENA says the loan was announced Saturday during the first visit of Qatari Emir Sheik Hamad bin Khalifa Al Thani to Egypt since the ouster of Hosni Mubarak in last year's popular uprising. The agency says Al Thani met with Mohammed Morsi, Egypt's Islamist president, whose Muslim Brotherhood group is widely seen as holding strong ties with Qatar.

Egypt's economy has suffered since fall of the old regime.

Egypt has asked the International Monetary Fund for a $3.2 billion aid package, the disbursement of which hinges on political consensus in Cairo. It also considers a comprehensive economic recovery plan a prerequisite for the aid.