Egypt ready to repay Qatari Loan if necessary| MENAFN.COM

Tuesday, 09 August 2022 11:25 GMT

Egypt ready to repay Qatari Loan if necessary

(MENAFN) Egypt is getting ready to pay back a USD2 billion loan to Qatar within days. A central bank official reiterated that the country is ready to pay back the loan if the bonds do not succeed, reported by Arabian Business. The relationship between Cairo and Qatar has deteriorated since the Egyptian army deposed President Mohamed Moursi on July 3. During the year when deposed president was in charge, Qatar had supported Moursi"s Mouslim Brotherhood and lent Egypt 7.5 billion. Egypt converted USD2.5 Billion of the Qatari loan during a year and half from 4.25 percent bonds interest in May. But in July it converted another 1 billion into three-year bonds at 3.5 percent interest. The central bank official said that converting the USD2 billion deposit in three year bonds would continue for another week.

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