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Gulf states give Egypt $22 billion to mitigate fallout from Ukraine war

Cairo has secured $22 billion from the United Arab Emirates, Qatar and Saudi Arabia to cover Egypt's current account deficit.
Egyptians smile for a photo as they buy fruits from a street vendor at a market in the Menufiya province north of Cairo on Feb. 22, 2018.

The Abu Dhabi Developmental Holding, a sovereign wealth fund based in the capital of the United Arab Emirates (UAE), announced March 23 its intention to invest $2 billion in Egypt through the purchase of stakes in a number of state-owned companies, Asharq Business reported. Approximately half of this amount, the news site noted, will be used to acquire about 18% of Commercial International Bank, while the remainder will be invested in companies in sectors such as fertilizers and port services.

Just a week later, on March 29, Qatar announced an agreement to place another $5 billion “in the coming period” in a series of investments and partnerships in Egypt, according to a statement from the Egyptian government. To implement the agreement, the two parties agreed to establish a joint higher committee led by their foreign ministers. And as Egypt’s Minister of Planning Hala Elsaid told Bloomberg, the Qatar Investment Authority, the country’s sovereign wealth fund, will hold the proposed investments.

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