Egypt To Repay $1bn To Qatar In October

Egypt will repay its $1bn to Qatar next October to add to the $6bn already repaid, according to the Central Bank of Egypt (CBE) Governor Hisham Ramez on Thursday.

The $1bn was the remaining amount of Qatar’s deposit at the CBE. In November, Egypt repaid a deposit worth $2.5bn to Qatar based on a formal request from Doha, Ramez said at the time.

Egypt’s foreign reserves registered $15.42bn in January, compared to $15.3bn in December, CBE said in early February.

Relations between Cairo and Doha deteriorated last year, after the Egyptian military deposed former Muslim Brotherhood President Mohamed Morsi, following mass protests against his rule in 2013.

Qatar has expressed support for the Muslim Brotherhood in the past, and provided Egypt around $7bn in grants and deposits during the year Morsi was in power. Following Morsi’s ouster, Saudi Arabia, the UAE, and Kuwait sent a total of $12bn in aid to Egypt.

Source: Daily News Egypt