Qatar has announced it is doubling its aid to Egypt with a new injection of cash, the equivalent of 1.5 billion euros.
The move comes as Cairo faces a currency crisis after the recent political upheaval.
The lifeline eases pressure on President Mursi as he negotiates a multi billion dollar loan with the International Monetary Fund.
Although the IMF is willing to help it wants to see reforms including tax hikes and cuts in subsidies before handing it over.
Austerity measures which are not widely popular and could hurt Mursi’s Muslim Brotherhood at the polls.
Egypt’s main source of hard currency is tourism but the ousting of President Mubarak and further political turmoil has undermined the industry.
Qatar’s intervention is seen as a bid to increase its influence in the region.
Copyright © 2014 euronewsMore about:
- 1Watch: Angry mob throw Ukraine MP into rubbish bin
- 2Russia: new EU sanctions look ‘strange’ says Putin
- 3Putin takes control of Russia’s defence industries and calls for new weapons
- 4Young American sentenced to six-years hard labour in North Korea
- 5US and NATO troops begin military exercises in Ukraine
- 1Podemos: Spanish indignation in Brussels’ corridors of power | euronews, reporter
- 2Israel announces it will seize 400 acres in West Bank | euronews, world news
- 3Watch: Angry mob throw Ukraine MP into rubbish bin | euronews, world news
- 4Japan sounds bluefin warning, calls for 50% catch cut | euronews, world news
- 5Hoverbike on the horizon | euronews, hi-tech
- 6China executes eight Muslims convicted of terrorism | euronews, world news
- 73D printing: a driving force in design and engineering | euronews, hi-tech
- 8Ukraine accuses Russian aid convoy of stealing factory equipment | euronews, world news
- 9New car offers freedom for disabled drivers | euronews, hi-tech
- 10Young Yazidi girl escapes Islamic State kidnappers | euronews, world news
- 11Rise of the machines | euronews, futuris
- 12EU leaders name Donald Tusk European Council president | euronews, world news
- 13#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians | euronews, world news
- 14The business benefits of EU chemical regulation | euronews, business planet
- 15Turkish ferry makes high-speed final landing | euronews, no comment
- 16Risk of fresh ash cloud threatens European air travel | euronews, world news
- 17Canada sends hilarious barb to Russia over Ukraine ‘incursions’ | euronews, world news
- 18Iceland warns Europe’s airlines of possible volcanic eruption | euronews, world news
- 19Thousands of Catalans call for choice on split from Spain | euronews, world news
- 20Iceland puts on a show as two of its volcanoes spew out lava | euronews, world news
Wires > News
- 17:32 CET Turkey announces strategy to bolster EU accession bid
- 17:04 CET West tells Iran it must address nuclear bomb fears
- 16:46 CET British journalist John Cantlie purportedly shown in IS video
- 16:43 CET U.S. calls for Japan to buckle down on Pacific trade pact
- 16:01 CET Gaza war spurs more Palestinians to risk dangerous migration to…
- 15:58 CET Congolese government clashes with bishops over third-term debate
- 15:52 CET Norwegian mass killer Breivik getting ever more extreme, father…
- 14:59 CET Austria backs calls for joint EU response to migrant crisis