World Bulletin/News Desk
The Egyptian government has no intention of prematurely returning a $1 billion bank deposit to Turkey, Planning Minister Ashraf al-Arabi told Anadolu Agency on Thursday.
Last week, Egypt returned $2 billion deposited by Qatar in the Central Bank of Egypt to protest what it described as the "tough conditions" set by the oil-rich Gulf state for converting the money into government bonds.
"We received the Turkish deposit at convenient terms," al-Arabi told AA on the sidelines of a conference devoted to security and investment in the Red Sea resort town of Sharm al-Sheikh.
"The deposit was made to shore up Egypt's foreign reserves and will not be returned until it is due," he added.
According to the minister, an agreement was reached with Ankara for a $1-billion credit line to finance several development projects in Egypt.
"But we aren't likely to rely on it," al-Arabi added.
At less than 1 percent interest, the Turkish deposit is scheduled to be returned after five years with a three-year grace period, a Finance Ministry official told AA.
Relations between Turkey and Egypt have been tense since the Egyptian army's July 3 ouster of elected President Mohamed Morsi – a move Ankara has described as a "military coup."
Shelters and logistics center were also destroyed in operation in Gara region
Horses that have been an indispensable part of life Turkey in which they have been a constant companion throughout the history of Turks
Greek minister's anti-Turkey remarks 'lack manners, cognition and responsibility,' says Turkish Defense Ministry
Vehicle bomb detonated in front of a gendarmerie station
An arrest warrant for the four was also withdrawn, Gulden Sonmez, a lawyer for the victims, wrote on Twitter after a closed door hearing in Istanbul.
Foreign Minister Mevlut Cavusoglu says some nations still 'indifferent in standing up for others' rights'
Peoples’ Democratic Party's Imam Tascier is accused of spreading terror propaganda for protesting curfew in eastern Turkey
Recep Tayyip Erdogan to meet his Kazakh counterpart during visit starting Sunday
Cavusoglu tells OSCE meeting that FETO is active in 170 countries
Presidential spokesman Kalin says Operation Euphrates Shield continues with determination according to plan
Total number of Syrian refugees living in Turkey amounts to almost 2.8 million as of Dec. 1
Numan Kurtulmus calls treatment of Turkish parliament Deputy Speaker Ayse Nur Bahcekapili at Cologne airport 'unacceptable'
Foreign minister says all the alleged Turkish coup plotter soldiers in Greece should be extradited to Turkey
Governments understand each other better than ever before on Syrian issue, Yıldırım tells Russian news agency
Suspects include 3 public officials, security sources say
Istanbul police head operation to arrest almost 60 FETO suspects across 16 Turkish provinces