|11-30-2014, 11:08 PM||#1|
Egypt pays back $2.5 billion to Qatar
Egypt paid back $2.5 billion to Qatar as affirmed by the country`s central bank this past Friday besides the $6 billion paid earlier this week leaving $500 million left on hold to be actually paid in the second half next year.
Qatar supported Egypt in the aftermath of the revolution that pulled down Hosni Mubarak from his 30 years reign but has its relations souring last year when the Muslim Brotherhood was in charge last year.
Also Egypt owes $4.9 billion to foreign oil and gas companies operating in the country, where the government has pledged to repay this debt within the next six months.
On the other hand, the government has received, so far, $10.6 billion from UAE, Saudi Arabia and Kuwait in cash and in the form of hydrocarbon products.
The previous loans have helped Egypt to meet its energy needs while helped foreign reserves to increase, prompting Rating Agencies to raise Egypt’s credit rating.
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