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Qatar to invest $500 million in Lebanese government bonds

January 21, 2019 GMT

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Qatar's Emir Sheikh Tamim bin Hamad Al Thani reviews the honor guard as he arrives at the Rafik Hariri international airport in Beirut, Lebanon, Sunday, Jan. 20, 2019. The ruler of the wealthy Gulf state of Qatar has arrived in Beirut to attend an Arab economic summit that has been marred by divisions over readmitting Syria to the Arab League. (AP Photo/Hussein Malla)

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BEIRUT (AP) — Qatar has announced that it will invest $500 million in Lebanese government bonds to support the Mediterranean country’s struggling economy.

Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani made the announcement in comments to Qatar’s state news agency.

Monday’s announcement came a day after Qatar’s ruler Sheikh Tamim bin Hamad Al Thani made a short rare visit to Lebanon where he met President Michel Aoun and took part in an Arab economic summit.

Lebanon’s economy has been struggling from massive debt, little growth and high unemployment.

Earlier this month, Lebanon’s Finance Minister Ali Hassan Khalil was quoted by a local newspaper as saying that the country may restructure its debt, leading to sell-off in Lebanese bonds.

He later clarified that Lebanon is committed to paying back all maturing debt.