Qatar will invest $18 billion in tourism and industry projects in Egypt over the next five years, contributing to the recovery of the country's economy which has been impacted by political turmoil, according to media reports.
$8 billion of the investments will be used for the construction of gas, power and iron and steel plants to be located in East Port Said. The projects are expected to be completed in five years. The remaining $10 billion will be invested in a mega tourism project on the Mediterranean coast.
Qatar's prime minister Sheikh Hamad bin Jassim al-Thani said that the investment will be made in three parts, with the first at the end of the current month, the second at the end of October and the third one at the end of November this year.
Media reports also stated that Egypt has received more than $5 billion in loans and pledges in the last few months, including $2 billion in direct budget support from Qatar and loans from Saudi Arabia and the Islamic Development Bank.