Qatar and Egypt agree to work towards package of $7.5 bln

Qatar and Egypt agreed to work towards a package of $7.5 billion in direct Qatari investments, according to a joint statement released by the Egyptian president's office on Monday.

Egypt is pushing ahead with efforts to secure funding from Gulf neighbours and foreign partners as it seeks to tackle heavy foreign debts and a gaping budget deficit.

The statement did not provide further details about the planned package. The pledge was made during a visit on Sunday by Egyptian President Abdel Fattah al-Sisi to the Gulf country, where he met with Qatar's Emir Sheikh Tamim bin Hamad al-Thani.