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."
Turkish defense industry exports increased by 21 percent in January-August period reaching over $1 billion, according to the national association of exporters.
High inflation figures are largely related to food prices, Turkey’s Deputy Prime Minister Ali Babacan said.
Turkish Aerospace Industries handed last four of modernized F-16 fighters to Pakistan in a ceremony in Ankara on Tuesday.
Tuesday's newspapers cover the corruption probe targeting President's Erdogan's son, PM Davutoglu’s unveiling of the new government program as well as more detentions in Turkey’s ‘wiretapping’ sweep.
Turkey's Foreign Ministry urged Israel to withdraw their decision and stick to international law.
'To open the Halki Seminary (historic theological Greek school) is easy, but Greek side should take similar steps,' said President Erdogan.
The Turkish Exporters' Assembly announced a 5.2 percent rise in exports for August.
Turkey’s Foreign Ministry rejected claims about the country’s general consulate staff in Mosul, who have been kept hostage by rebels in Iraq since June 11.
New Prime Minister Ahmet Davutoglu outlined the coming government’s program, highlighting the resolution of the Kurdish question.
The programme put emphasis on a strong economy, envisaging a monetary policy which stepped up the struggle against inflation but also supported growth and employment
Erdogan and Davutoglu, who was appointed prime minister last week, have both made clear that their efforts to curb Gulen's influence will continue in their new roles
Amasya MP Mehmet Naci Bostanci is elected ruling AK Party's new parliamentary group deputy chairman.
Turkey's President Erdogan made his first foreign visit to the Turkish Republic of Northern Cyprus as president on Monday.
Ali Babacan will retain overall responsibility for the economy in the new cabinet, government spokesman Bulent Arinc said
Monday's newspapers cover German weekly Der Spiegel’s claims on foreign spying on Turkey, Turkish intelligence service’s purchase of a lie detector and ongoing construction works of Turkey’s Eurasia Tunnel Project.
Turkey's president Recep Tayyip Erdogan said he will discuss the issue of spying claims on Turjey with American and German leaders at the upcoming NATO summit and U.N. general assembly.