Egypt settles $1 billion Turkey debt dated back to ex-president Morsi’s tenture

Egypt has paid off the $200 million final instalment of a $1 billion loan it secured from Turkey in 2012 during former president Mohamed Morsi’s tenure, central bank sub-governor told state news agency MENA Thursday.

The payments were made on Wednesday, Rami Aboul Naga said.

Central Bank Governor Tarek Amer said two months ago Egypt would pay back around $8 billion in debts before the end of the year.

Egypt has paid back $17.5 billion in foreign debts this year after the central bank floated the pound currency in November 2016.

It also paid back a $1 billion debt owed to Qatar in July 2016 and a $2.5 billion deposit in 2014, when Doha asked for its money back following Morsi’s ouster.