In mid-October, Bloomberg also reported that the QIA had entered advanced talks to invest $2.5 billion in a number of local companies, including Vodafone Egypt
The Qatar Investment Authority (QIA) has reportedly deposited $1 billion with the Central Bank of Egypt, coinciding with the country’s push to acquire stakes in state-owned companies, revealed Bloomberg earlier today.
QIA, Qatar’s sovereign fund, deposited the amount amid discussions with Egypt to acquire stakes in major Egyptian companies, the news agency explained, citing sources privy to the matter.
In mid-October, Bloomberg also reported that the QIA had entered advanced talks to invest $2.5 billion in a number of local companies, including Vodafone Egypt.
Urgency is building for Egypt’s $400 billion economy as it seeks to plug its external funding gap. Soaring oil and commodity prices have hit one of the world’s largest wheat importers hard, as has the loss of tourists from Russia and Ukraine, explained Bloomberg.
The GCC has pledged more than $20 billion in deposits and investments for Egypt to help the country shore reserves. Qatar also deposited $3 billion in the Central Bank of Egypt earlier this year.
