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."
On Tuesday, Red Crescent delivered three shipments of medical supplies to Gaza.
From Thursday Turkish nationals living abroad will be able to use ballot boxes in the countries where they live.
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Turkey's Deputy Prime Minister Bulent Arinc said Israel is committing 'atrocities' in Gaza.
Gallup World Poll says while 60% of ethnic Turks are satisfied with Erdogan's leadership, this rate hits 67% among ethnic Kurds.
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When they reached Gaza, the three shipments were received by the Palestinian Red Crescent
A letter released by Erdogan's office called on the U.S. group to condemn the Israeli government's policies
Prime Minister Recep Tayyip Erdogan said the bombardment of Gaza was 'killing humanity'
Neither Israeli's nor Egypt under Al-Sisi are willing to get aid to help the Palestinians in Gaza, says Erdogan.
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Travellers can use $4 billion service for free for one week. An estimated 7.5 million passengers are expected to use the new line.