Qatar’s sovereign wealth fund deposits $1 billion with Egypt’s central bank – report

Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA) has deposited on Wednesday $1 billion with Egypt’s central bank.

The Arab gulf country moves closer to a deal to take over government holdings in some of major firms in Egypt.

The $445 billion QIA transferred the funds amid discussions over it buying state-held stakes in Egyptian companies, people with knowledge of the matter told Bloomberg on Wednesday.

Due diligence on the assets and finalising a deal may take time so the QIA made the deposit to help Egypt shore up its finances in the interim, the people added, asking not to be identified because the talks are still confidential.

Bloomberg last month reported Qatar was in advanced negotiations over a deal worth about $2.5 billion.