The Central Bank of Egypt (CBE) has received the first tranche – worth $500 million – of a promised $2 billion deposit from Qatar, Egyptian Finance Minister Momtaz El-Said announced on Thursday.
According to the minister, the amount will be converted into Egyptian pounds to help fill gaps in Egypt's budget.
The outstanding $1.5 billion will be transferred to the CBE in September, said El-Said.
In May of last year, Qatar announced a handful of investment projects in Egypt – worth at least $10 billion in total – aimed at shoring up Egypt's foundering post-revolution economy.
Emir of Qatar Hamad Bin Khalifa Al-Thani recently met with Egyptian President Mohamed Morsi to discuss means of enhancing cooperation between the two countries.
Following the meeting, Al-Thani ordered that $2 billion be deposited at the CBE.
In October of last year, oil-rich Qatar provided Egypt with a grant worth $500 million.