Egypt and also Qatar are exploring possibilities to set up a joint mutual fund, according to Egypt’s Minister of Preparation Hala El-Said.
El-Said’s speech began the sidelines of Egyptian Prime Mostafa Madbouly’s official browse through to Qatar to boost bilateral cooperation in numerous fields.
Egypt’s $400 billion economy is under boosting pressure from the shocks brought on by Russia’s invasion of Ukraine, which has actually driven up food as well as gas rate.
It must be likewise kept in mind that Egypt is the world’s biggest importer of wheat, as well as the recurring problem in Ukraine has largely impacted the nation’s economic security.
For Egypt, acquiring money from Gulf nations is vital. The International Monetary Fund, last month, stated that assistance from Gulf countries is necessary for Egypt to close the financing space of regarding $17 billion in the following few years.
Meanwhile, Qatar is likewise seeking to elevate its financial investments in Egypt, as both nations authorized an agreement to get rid of double taxation aimed at enhancing investments.
According to a Cupboard statement, the Qatari emir said that the double tax arrangement is anticipated to have a substantial impact in elevating Qatari investments in Egypt.
In 2022, Qatar started talk with invest regarding $2.5 billion to purchase Egyptian government-owned stakes in business including Vodafone Egypt, the country’s greatest mobile operator.
At the same time, to stimulate investments, officials of Egypt’s sovereign wide range fund visited several states in the Gulf Cooperation Council and gone over potential financial investment chances with countries consisting of Kuwait and Oman.
Last Updated: 01 March 2023
