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Agence Ecofin
Monday 20 March 2023 Last update on Monday, March 20, 2023 At 11:18 AM

After the signing of a double taxation agreement, Cairo and Doha are studying the launch of a joint investment fund which should be used to channel Qatari investments in Egypt.

Egypt and Qatar plan to launch a joint investment fund, Egyptian Planning and Economic Development Minister Hala El-Said (pictured) announced on Tuesday (February 28th).

Egypt and Qatar are studying the launch of a joint investment fund, which will serve to channel Qatari investments in our country“, she declared on the sidelines of the official visit of the Egyptian Prime Minister, Mostafa Madbouly to Doha.

The new fund is expected to be similar to the Saudi Egyptian Investment Company (SEIC) which was launched in August 2022 to facilitate Saudi sovereign wealth fund investments in Egypt.

The Egyptian government had announced, in a press release published on Monday, February 27, the signing of a double taxation agreement between Qatar and Egypt to facilitate mutual investments between the two countries. This agreement takes into account capital gains, interest, income tax, corporate profits, dividends and other taxes.

Qatar Investment Authority, the sovereign wealth fund of the world’s largest producer and exporter of liquefied natural gas, is already in advanced talks to acquire stakes in Egyptian public companies, including the country’s largest mobile operator, for a total of 2, $5 billion.

Qatari investments should breathe a breath of fresh air into the Egyptian economy, which is bearing the full brunt of the consequences of the war in Ukraine. Egypt had concluded, at the end of October, an agreement with the International Monetary Fund (IMF) on a financing program of 3 billion dollars. 

But the rating agency Fitch Ratings estimated, in a report published at the end of 2022, that the external financing needs of the most populous country in the Arab world for the financial years 2023 and 2024 should reach respectively 19 billion dollars and 22.5 billion. of dollars.

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