CAIRO - Qatar will invest in two Egyptian projects worth $20 billion to create 1.2 million jobs, Qatar's Minister of International Co-operation Khaled bin Mohamed Al Attiyah has said. "Qatar wants to enter African markets through Egypt," Al Attiyah told a press briefing in Cairo on Saturday after meeting with Egyptian Minister of Planning and International Co-operation. The Qatari official called for setting up an Egyptian-Qatari joint fund to invest in Africa. "The fund will focus on investing in Sudan," he said. Qatar will also take part in building one million low-cost housing units over the coming five years, providing 200,000 units annually, Abul Naga said. "Qatar mulls setting up a port worth $9 billion in el-Mallahat, Alexandria, providing 200,000 jobs," Abul Naga said. Abul Naga and her counterpart discussed means to bolster economic ties after the January 25 revolution that ousted president Hosni Mubarak on February 11. The two countries have agreed to increase bilateral trade and boost joint investment. Since February 11, the political turmoil, sectoral protetsts and lack of security have taken their toll on the North African countrry's economy. In its World Economic Outlook, the International Monetary Fund reduced Egypt's economic growth to one per cent this year, the lowest annual rate since 1992. Earlier this month, Minister of Finance Samir Radwan forecast a State budget deficit of 10 per cent of gross domestic product (GDP) in the fiscal year 2011/2012, which begins on July 1. Last week, the World Bank said plans to lend $4.5 billion over the next 24 months, including $1 billion this year in budget support and another $1 billion next year, depending on how far political and economic reforms have advanced. The remaining $2.5 billion will be invested in development projects in Egypt, lending to support the private sector, and political risk guarantees. Saudi Arabia has also unveiled plans to provide cash-strapped Egypt with about $4 billion dollars to support its economy.
