Egypt, Qatar eye setting up joint investment trust

El-Said did not reveal more details.

On Sunday, Egypt’s Prime Minister Mostafa Madbouly started an official visit to Qatar with the aim of boosting economic and venture relations between the two countries.

Egypt is currently seeking the support of the GCC market amid the severe economic downturn as a result of the Russian-Ukrainian conflict, which has resulted in soaring inflation, a shortage in the country’s hard currency, particularly the US dollar, and the exodus of about $25 billion in hot money.

According to the International Monetary Fund (IMF), Egypt will suffer a financing gap estimated at $17 billion over the coming four years. Egypt seeks to bridge this gap by securing about $15 billion from international financial institutions, including the IMF, and from the sale of a group of valuable state-owned assets.