|10-14-2014, 02:58 AM||#1|
Egypt pays back $500 million to Qatar
Egypt has paid back $500 million to Qatar and affirmed that it will soon pay back the rest of the $7.5 billion in loans and grants provided by the Gulf state during Mohamed Morsi`s year in power.
All of Qatar`s post-revolution deposits will be paid when Egypt pays back the $2.5 billion in addition to the $500 million already paid.
According to Hisham Ramez, Egypt`s Monetary Minister, "Egypt has already transferred $500 million to Qatar on Oct. 1 and will refund $2.5 billion at the beginning of November, because they (Qatar) did not ask for renewal."
This huge amount of loans supported the Egyptian economy in the aftermath of the revolution that brought ousted President Hosni Mubarak and, and placed the Mohamed Morsi on the top of the ladder in Egypt`s first democratic elections.
However, relations between both countries have strongly deteriorated since Abdel Fattah El-Sisi toppled Morsi from power following mass protests against his rule last summer.
Saudi Arabia, the United Arab Emirates and Kuwait are now the major Gulf wealthy countries that are providing Egypt with financial aids and support.
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