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World

Qatar to aid Egypt with extra $2.5 billion to boost 'critical' foreign currency reserve levels

Associated Press
Published | Updated

CAIRO – Qatar says it will increase its financial aid to Egypt by $2.5 billion, bringing its total assistance to $5 billion.

Qatari Prime Minister Sheik Hamad Bin Jassem Al Thani says his nation will loan Cairo an additional $2 billion and transfer another $500 million grant. He was speaking in Cairo Tuesday after a meeting with his Egyptian counterpart.

Qatar has already deposited $2.5 billion, helping to prop up Egypt's foreign currency reserves. They stand now at $15 billion, and the country's central bank warns that is a "critical minimum" level.

In parallel, Cairo is in renewed discussions for a $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.