No credit line has been opened with India – minister

Egypt’s Minister of Supply and Internal Trade, Ali Moselhy, stated on Monday that no credit line had been opened with India.

However, he also said that there are ongoing discussions about payments for imports using currencies other than the U.S. dollar.

“Nothing of the sort has been implemented, but there are discussions so that we can trade in the local currencies of countries like India, Russia, or China,” Moselhy told Reuters.

According to Bloomberg News, Moselhy reported a while ago that India was providing Egypt with a credit line of unspecified value. According to the minister, similar talks are ongoing with China and Russia.

Indian Prime Minister Narendra Modi is expected to visit Egypt by the end of this month as part of the countries’ plan to become strategic partners.

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