Egypt’s Prime Minister Mostafa Madbouly on Thursday held talks with his Qatari counterpart on activating a $7.5 billion “partnership package,” according to a statement from Egypt’s cabinet.
The agreement, first outlined in April, aims to channel direct Qatari investments into Egypt as Cairo seeks financial support from Gulf neighbors to address mounting foreign debts and a widening budget deficit, Reuters reported.
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“Specific projects will be announced in coming weeks,” Egypt’s Foreign Minister Badr Abdelatty said during a joint press conference with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, who is currently visiting Cairo.
The discussions follow last year’s landmark $35 billion agreement between Egypt and the United Arab Emirates to develop the coastal city of Ras El Hekma, a deal that delivered a vital influx of funds for Egypt’s strained economy.
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Image Credit: AGBI
