Qatar sanctions $2.5bn extra aid to Egypt
Cairo, January 8, 2013
Qatar said on Tuesday it would lend Egypt's government an additional $2 billion and grant it an extra $500 million outright, extending a lifeline as the government battles to contain a currency crisis.
Political strife has triggered a rush to convert Egyptian pounds to dollars over the past several weeks, sending the currency to a record low against the dollar.
"There was an initial package of $2.5 billion, of which $0.5 billion was a grant and $2 billion a deposit," Sheikh Hamad bin Jassim Al-Thani told reporters after meeting Egyptian President Mohamed Mursi.
"We discussed transferring one of the deposits into an additional grant so that the grants became $1 billion and the deposits double to around $4 billion," he said. - Reuters