QATAR TO THE RESCUE: Gulf state throws Egypt a $2.5 billion lifeline

QATAR TO THE RESCUE: Gulf state throws Egypt a $2.5 billion lifeline

"Qatar wants a solid regional ally in Egypt. Along with Turkey, this allegiance or axis is fundamental to the regional role Qatar is trying to carve for itself" says analyst

January 9, 2013 7:51 by Reuters

TOURISM, INDUSTRY

Qatar had already pledged enormous amounts of aid to Mursi’s government since he became president in July, including four loans of $500 million each, with the first arriving in August and the last in December.

In September, Qatar also agreed to invest $8 billion for gas, power and iron and steel plants at the northern entrance to the Suez Canal and $10 billion for a giant tourist resort on the Mediterranean coast.

Sheikh Hamad said on Tuesday that these projects had been delayed, in part by a disagreement between Egyptian and Qatari technicians over systems and laws.

“Today we agreed to appoint an international specialised legal office to put a mechanism in place because these are huge projects and will last for long years and need accurate study.”

Egyptian Prime Minister Hisham Kandil said progress on the projects had been held up by a lack of political will.

“I admit that there has been some slowness,” he said.

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