Qatar said on Thursday it would invest $18 billion dollars in tourism and industry projects along Egypt's Mediterranean coast over the next five years, the latest pledge of support to an economy hammered by a year and a half of political turmoil.
The projects include $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. Egypt's stock exchange closed at a 14-month high on Thursday on optimism that a new government with a clear popular mandate will secure investments and donor aid to stave off a balance of payments and budget crisis. Cairo last month formally asked the International Monetary Fund for $4.8 billion in emergency funding.
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