Qatar deposits $1bn in Egypt’s Central Bank
The Qatar Investment Authority (QIA) deposited $1 billion at the Central Bank of Egypt (CBE) at the time the Gulf country was close to a deal to acquire a government stake in some of the major companies in the North African country, Asharq Business reports, citing informed sources.
The funds, the sources told the media, were moved to the central bank. Both countries are reportedly in talks with Qatar to acquire shares in state-run companies. Bloomberg reported last month that Qatar was in advanced talks about a deal worth around $2.5 billion.
The transaction is taking place amid improving ties between the two countries. On September 13th, President Abdelfattah Al-Sisi flew to Doha to begin an official two-day visit, which was his first to Qatar. The trip sealed a repair of relations since 2017 after Saudi Arabia, UAE, Bahrain and Egypt cut off ties with Qatar over the latter alleged support for terrorism.
Gulf Arab states pledged more than $20 billion in deposits and investments to Egypt. The tiny gas-rich country deposited $3 billion into the Central Bank of Egypt earlier this year.