Some time ago, we talked here at Banker about Egyptian-Gulf relations and their importance in strengthening the Egyptian economy, and how Gulf investments can play a decisive role in resolving the crises facing Egypt.
Over the years, the Gulf countries have not been late in supporting Egypt and providing assistance in difficult times, as Egypt has always been the strong back of its sisters in the Gulf when they face dangers.
Today we are talking about surprising Qatari statements and how they will change the reality of the exchange market and the hard currency in Egypt, in addition to the huge funds expected to reach the country.
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In the context, Qatar announced its commitment to implement its promises to invest billions of dollars in Egypt, this came in the statements of the Qatari Minister of Finance, Mr. Ali Al-Kuwari, today. The minister talked about the economic relations between the two countries and confirmed the implementation of investments as soon as possible.
As a reminder, Qatar had pledged in March 2022 to provide $5 billion to Egypt, and the Qatari minister’s statements today confirm the implementation of these investments and direct the allocated funds to Egypt.
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It is worth noting that Qatar provided $3 billion to the Central Bank of Egypt last year to help it overcome the challenges it faced, but the Qatari minister ruled out providing an additional Qatari deposit and confirmed that the funds would be direct investments.
The Qatari minister indicated that Qatar is ready to increase investments in Egypt and that it will focus on important and successful sectors in the country, such as manufacturing, communications and tourism.
These investments come at a critical time for the Egyptian economy, as the country faces great economic challenges. The Qatari minister’s statements aroused the interest of economic experts, as they consider them very important because they restore confidence in the investment sector in Egypt and refute rumors that have spread about the cessation of Gulf investments in the country.
Some hostile parties have exploited these rumors due to their impact on Egyptian-Gulf relations, but the statements of the Qatari minister discredit these rumors and restore confidence in Egyptian-Gulf relations.
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As for investments, investment is a better option than loans and deposits, as it is a source of profits and provides job opportunities for citizens. For developing countries such as Egypt, investment from the Gulf countries is important to boosting the economy, stimulating economic activities, and providing job opportunities.
Investment also increases the competitiveness of the Egyptian economy and pumps dollars through direct investments.
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On the other hand, converting foreign debts into investments is an important strategy that Egypt is pursuing to reduce pressure on the balance of payments and strengthen the economy. Egypt has achieved positive results in converting debts with some countries, as it was agreed to cancel part of the debts and invest the rest in development projects.
In short, it can be said that the investments of Qatar and the Gulf states in Egypt will contribute to strengthening the Egyptian economy and providing job opportunities, and will restore confidence in investments and refute false rumors.
It also enhances Qatar’s investments and transfers debts to the investments of the economic system in Egypt and works to achieve more stability and economic development in the future.
