Egypt and Qatar decide to proceed with a $7.5 billion package of direct Qatari investment.

A joint statement from the office of the Egyptian president confirmed on Monday that Qatar and Egypt have committed to working together on a significant investment project consisting of $7.5 billion in direct Qatari investments. The investments are made as Egypt faces large amounts of foreign debt and an increasing budget deficit which has push them to seek funding from their Gulf neighbors and other international allies. However, the statement didn’t include specific detail on the investment package. The agreement was made during Egyptian president Abdel Fattah al-Sisi’s trip to Qatar on Sunday at which he met Sheikh Tamim bin Hamad al-Thani, the Emir of Qatar.