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Qatar Plans $5 Billion Egypt Investments in New Gulf Pledge

  • QIA wealth fund will play key role in deal: Egyptian official
  • UAE recently made $2 billion deal to buy stakes in Egypt firms
Egyptian men work in a bakery at a market in Cairo. Egypt has been hit hard by record grain prices fueled by the conflict.

Egyptian men work in a bakery at a market in Cairo. Egypt has been hit hard by record grain prices fueled by the conflict.

Photographer: Khaled Desouki/AFP/Getty Images

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Qatar pledged to pump $5 billion into investments in Egypt, making it the latest energy-rich Gulf state to support the economy of the North African country, which is also seeking International Monetary Fund assistance.

The two countries have agreed to form a committee to coordinate investment plans, the Egyptian and Qatari governments said Tuesday following meetings between their officials. No timetable was given.