Egypt will return $3 bln to Qatar this year

Egyptian interim government will return $3 billion to Qatar this year.

Egypt will return $3 bln to Qatar this year

World Bulletin / News Desk

Egypt will return $3 billion that were invested in bonds to Qatar when the debt matures by the end of the year, a central bank source told Reuters on Thursday.

"We will return $500 million to Qatar in October and $2.5 billion in November (for) the bonds," the source said.

Three years of political instability have left the Egyptian economy in tatters, with tourists and investors abandoning the country of 85 million people.

Qatar had been a firm backer of Mohamed Morsi's Muslim Brotherhood and lent or gave Egypt $7.5 billion during the year he was president.

But relations deteriorated after the army ousted Morsi in July after mass protests.

In September, Egypt returned $2 billion that Qatar had deposited with its central bank after talks to convert the funds into three-year bonds broke down.

The central bank also returned a $500 million deposit to Qatar in November and another $500 million in December after the Gulf country refused to renew the deposits upon its maturity.

Last Mod: 23 Ocak 2014, 15:15
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