Qatar Lends Egypt $2 Bill
By Micah Halpern
Sunday August 12, 2012
Qatar just announced that they are giving Egypt a $2 billion loan. The exact terms of the loan were not made public.
The Emir of Qatar visited Egypt on Saturday and MENA, the Middle East News Agency, reported the news of the loan on Sunday. MENA is an official arm of the Egyptian government sponsored and paid for by government funds. In this case, we can certainly rely on the report.
In Egypt, independent news agencies are censored for insulting the president. Saturday's edition of Al Dustor. a private newspaper owned by a Christian businessman, were confiscated before they were delivered and sold. The front page of the paper was dedicated to warning Egyptians that Egypt is becoming a Muslim Brotherhood state.
Egypt desperately needs the $2 billion. The question is whether they will invest it and build with it or just hand it out.
If they choose to hand out the money they will end up defaulting on the loan.
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