Egypt Negotiates with Qatar for $ 1 Bn Deposit by Year's End

An Egyptian official stated that Egypt is negotiating with Qatar to obtain a deposit of up to $ 1 bn.

Originally proposed to be deposited in the Egyptian Central Bank late last year, it is now scheduled for December under future deals.

This information was reported by the Arab News Agency (AWP). The deposit, initially related to some deals, primarily the acquisition of the Egyptian government's stake in Vodafone Egypt, around 45%, was offered by Qatar through its sovereign fund last year.

However, there is a Qatari tendency to withdraw from the deal and negotiate other acquisitions in sectors like ports, petrochemicals, and tourism.

If successful, Qatari deposits in the Egyptian Central Bank will increase to $ 5 bn, following Qatar's previous deposits of $ 3bn earlier last year and an additional $ 1 bn in November 2022.

Egypt is also in negotiations with UAE and Saudi Arabia to obtain deposits totaling $ 5 bn in the next two months, aiming to support the Egyptian economy in its commitment to the International Monetary Fund's reform program.

As of the end of September 2023, Egypt's net international reserves reached $ 34.97 bn, according to the Central Bank of Egypt.