Egypt recieves $ 3 bn in additional aid from Qatar

Monday 13-05-2013 11:10 AM
Egypt recieves $ 3 bn in additional aid from Qatar

By Bissan Kassab

Egyptian Finance Minister Fayyad Abdel Moneim said on Sunday that Egypt expects to receive additional aid from Qatar worth three billion dollars.

The Finance Minister confirmed the additional aid to Aswat Masriya but declined to give further information, saying that the details can be acquired from the Central Bank.

The Qatari government has pledged three billion dollars in additional assistance to the Egyptian economy, following the completion of the issuance of bonds that the Egyptian government has already agreed to purchase, reported a local newspaper on Saturday.

Qatar has lent Egypt about eight billion dollars already since President Mohamed Mursi assumed power in July last year.

An official at the Egyptian Central Bank told Reuters that Egypt had received a deposit of three billion dollars that Doha had pledged on Thursday.

The official, who asked not to be named, said the deposit will remain at the central bank until the Ministry of Finance issues bonds to Qatar of the same value. The bonds will be issued for a three-year term at an interest rate of 3.5 percent.

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