The most populous Arab nation is also seeking support from the International Monetary Fund that could include a loan. Image Credit: Shutterstock

Cairo: Qatar plans to invest $5 billion in Egypt in the coming period, Egypt said, in the latest sign of support from the energy-rich Gulf as the North African nation’s economy is buffeted by the attack on Ukraine.

The two countries have agreed to form a committee to coordinate investment plans, Egypt’s cabinet said in a statement Tuesday following meetings between Egyptian and Qatari officials. No timetable was given for the investments.

A major food importer, Egypt has been hit hard by record grain prices fueled by the conflict. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, while Russian visitors have previously made up a significant proportion of its tourism market.

The Qatari agreement comes after Abu Dhabi wealth fund ADQ earlier this month made a roughly $2 billion deal to buy Egyptian state-owned stakes in publicly listed companies. It was one of the first tangible signs of fresh Gulf support for Egypt to help it ride out the crisis.