Egypt and Qatar have agreed to launch a joint investment fund with an initial value of $1bn during the recent visit by Prime Minister Mostafa Madbouly to Doha, informed government sources told Daily News Egypt.
Egypt’s Minister of Planning and Economic Development Hala El-Said said in her meeting with members of the Qatari Businessmen Association at the end of February that a joint investment fund will be established. She indicated that the details related to planning to establish a joint investment fund between the two countries will be discussed at the business forum to be held soon between the two countries.
The sources added that it will be agreed at a later stage that the fund will be affiliated either directly with the Egyptian Ministry of Planning and Economic Development, or with the Sovereign Fund of Egypt, explaining that the fund will invest in the capital market or other projects.
In a related context, Prime Minister Mostafa Madbouly said during his visit to Qatar at the end of February that there are no legal restrictions in Egypt that limit the exit of returns to any investor and that the Egyptian state does not place any obstacle to the entry and exit of investors’ profits.
He explained that Egypt has set a large number of incentives to encourage investors, and a law in the House of Representatives on more tax incentives will be approved soon to exempt the investor from 55% of the taxes he pays in the field in which he invests.
The Prime Minister praised the development witnessed by Qatar and praised Qatar’s organization of the World Cup, stressing that the Egyptian state focused on rebuilding the state and infrastructure, explaining that Egypt had reduced the unemployment rate to 7.2% and that the state focused on the strong return of the private sector to the economic sector.
And he continued, that the Egyptian state was able to move strongly to restore Egypt to the status it deserves, and to establish a national network at the highest level, stressing that Egypt witnessed, like the world, two crises, which are the Corona pandemic and the Russian-Ukrainian crisis, stressing that the size of the population increase in Egypt is 105 million people.
Last February, Emir of Qatar Sheikh Tamim bin Hamad Al Thani received Madbouly and his accompanying delegation, at the headquarters of the Emiri Diwan.