The Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani and his Egyptian counterpart Dr Hisham Qandil at a joint press conference at Emiri Diwan yesterday. The Minister of Finance and Economy H E Yousuf Hussein Kamal is also seen.
DOHA: Qatar yesterday announced further financial backing for Egypt and said negative comments on its relations with Cairo in the Egyptian media wouldn’t make it change its stance on its support for the fellow Arab country.
“We will continue to back Egypt and stand beside our brethren,” declared the Prime Minister and Foreign Minister, H E Sheikh Hamad bin Jassem bin Jabor Al Thani, after announcing that Qatar would provide Egypt another $3bn.
“The Qatari government would add to its Egyptian counterpart bonds $3bn… Within the coming days the concerned parties in the two countries would work out details of such bonds or deposits,” he said.
In response to a question at a news conference here, he added: “We didn’t ask the Egyptian government something in return for Qatari support”.
The Prime Minister was addressing the briefing with his Egyptian counterpart, Dr Hisham Qandil, at the Emiri Diwan.
According to Qatar News Agency (QNA), it was decided at a meeting between the Emir, H H Sheikh Hamad bin Khalifa Al Thani, and Egyptian President Mohammed Mursi, on the sidelines of the recent Arab Summit here, to study the issue of Qatar providing further financial backing to “brotherly” Egypt.
The Premier said Qatar would also provide gas to Egypt to help it meet shortages during the summer months. “We will help meet the shortfall until Egypt is able to circumvent the problem.”
He said his talks with Qandil also dealt with joint ventures already based in Sharm El Sheikh and Hurghada. They were launched four to five years ago and are under development. Future projects in the iron and steel sector and in the industrial area were also discussed.
Egyptian companies qualified to take up any project could come and work here independently. They do not need to be under the sponsorship of any local firm. Or if they wish so, they can partner with local companies.
Qandil said Qatari investment in his country was not as voluminous as rumoured. Qatar ranked 18th or 20th among foreign investors in Egypt. “We want to make sure that this investment increases.”
On the latest financial backing announced by Qatar, he said the “additional deposit to the value of $3bn in the form of bonds will support the Egyptian economy”.
He said both sides agreed to solve the problem of multi-billion dollar projects that are stalled. “Qatar has shown interest in making additional investments in Egypt,” he said.
