Regions

Qatar Makes Bond Deposits to Egypt

April 10
9:49 AM 2013

Qatari Prime Minister, Sheikh Hamad bin Jassim al-Thani, confirmed that the Qatari government has agreed to provide nearly US $3 billion in aid to Egypt. The aid was unclear in its disbursement, only it was said to be in the form of 'bond deposits'.

In a joint news conference, with Egyptian Prime Minister Hisham Kandil, the Sheikh said, "We reached an agreement to add more bonds from the Qatari government in the amount of US $3 billion. During the coming days, we will discuss the details of issuing those bonds."

Sheikh Hamad said the country would supply natural gas to its Arab neighbor in the summer time, when it is most needed. He added, "We also discussed projects that we agreed on four or five years ago, especially in iron and steel."

Sheikh Hamad added that Qatar did not ask anything in return from Egypt for the given aid. Disagreements though have been cropping up, such as the Egyptian financial regulator holding back a joint venture proposal between QInvest and EFG Hermes. 

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