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."
Salih Mirzabeyoglu, otherwise known as Salih Izzet Erdis, was locked up following Turkey's 28 February 1997 coup.
High-speed rail project linking Ankara and Istanbul to be opened on Friday after latest delays blamed on May sabotage.
Turkey's Deputy PM Bulent Arinc said a ceasefire must be declared at once between Palestine and Israel and demanded an end to the Israeli blockade of Gaza.
A major operation in Istanbul and other cities sees more police officers and officials detained in a wiretapping probe.
Erdogan said all international actors should condemn such inhuman attacks of Israel on innocent children in Gaza.
Turkish dailies reported Wednesday on the operation in Istanbul and other cities against the police officers and officials in wiretapping probe and the latest clashes in Israel and Palestine.
Turkish carriers will not fly to Israel's Ben Gurion Airport in the next 24 hours.
Tuesday’s phone conversation was the second between the two officials within 24 hours and the third in five days.
Turkish Airlines has decided to suspend its Tel Aviv flights for a 24-hour period
The US again slammed Turkish Prime Minister Recep Tayyip Erdogan’s recent remarks in which he compared Israel’s military attacks on Gaza Strip to the acts of Nazi leader Adolf Hitler.
Muslims can no longer be unified under the rule of a single ruler like a caliph but could emulate political blocs like the European Union, Gormez said
Turkish president calls for urgent ceasefire as country starts three days of mourning for Gaza dead.
At least 76 officers were detained in 22 provinces around the country on suspicion of forming a criminal organisation and illegally bugging phones
Turkish dailies on Tuesday continued to give wide coverage to the Israeli offensive in Gaza, the upcoming Turkish presidential election and a Malaysian airliner which was downed over eastern Ukraine.
Turkey's government announced a three-day period of national mourning, starting on Tuesday, in a show of solidarity with Palestinians in Gaza.
The attack on southeastern Sanliurfa city leaves twoTurkish soldiers on border duty dead and injured two others late on Monday.