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."
A Turkish suspect involved in the Nov. 21 murder of a Serbian basketball fan in Istanbul has been jailed, while six other suspects have been released
Agreement to be signed on Monday to eliminate trade barriers between the two countries.
Turkish President criticized world governments' lack of sensitivity towards the Esad regimes' attacks, the Pope spoke of the needs for interfaith dialogue.
News coverage ban on parliamentary investigation of four former Turkish ministers over graft allegations upheld by court.
Turkic countries among the most promising markets for MPT-76, Istanbul businessmen's meeting hears
No casualties reported as firefighters tackle blaze on European side of the city.
Prime Minister Davutoglu announces details of protective and preventive efforts to raise public awareness against drugs
The 77-year-old pontiff faces challenges at home and abroad as he visits Muslim-majority Turkey
Turkey’s Undersecretary for Defense Industries says creating global brands and adding value-added products are strategic.
MHP leader Devlet Bahceli sparked controversy with 'terrorist' remarks over 1937 massacre of Alevi people in Dersim province.
Country's deficit narrows to $6.2 billion after a significant rise in exports, while imports slips.
Hadi al-Bahra was elected the Syrian National Coalition's new president in July.
Friday’s newspapers cover Pope Francis' visit to Turkey on Nov. 28-30, and Turkish president’s remarks on the "unity of the Muslim world."
President Putin hails Turkey's independent decision to continue its cooperation with Russia. "Our Turkish partners refused to sacrifice their interests for political ambitions of others" he said
Greek Foreign Minister and Deputy Prime Minister Evangelos Venizelos will visit Turkey on Nov. 29, Turkey's Foreign Ministry announced Thursday
HDP withdraws from parliamentary commission investigating four former Turkish ministers over graft allegations