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Remarkable fact, quoteds by Mada Masr from Reuters
Egypt will return US$2 billion to Qatar after negotiations failed to convert the funds into three-year bonds, Central Bank Governor Hesham Ramez announced on Thursday, according to Reuters.
Qatar pledged US$3 billion in aid to Egypt last April when former President Mohamed Morsi was still in power. US$1 billion of those funds were dispensed as three-year bonds.
Qatar, seen as a Muslim Brotherhood ally, had initially pledged US$5 billion total to support Morsi’s government in the midst of a rapidly deteriorating economy.
Returning the aid to Qatar could be seen as a symptom of increasingly strained relations between the two countries since the Armed Forces removed Morsi from power and installed a pro-military interim government.
Since the July 3 ouster, Egypt has received pledges of support from military-friendly Gulf countries. Saudi Arabia and the United Arab Emirates have promised Egypt US$8 billion in the form of grants, deposits and commodities.
Egypt will return US$2 billion to Qatar after negotiations failed to convert the funds into three-year bonds, Central Bank Governor Hesham Ramez announced on Thursday, according to Reuters.
Qatar pledged US$3 billion in aid to Egypt last April when former President Mohamed Morsi was still in power. US$1 billion of those funds were dispensed as three-year bonds.
Qatar, seen as a Muslim Brotherhood ally, had initially pledged US$5 billion total to support Morsi’s government in the midst of a rapidly deteriorating economy.
Returning the aid to Qatar could be seen as a symptom of increasingly strained relations between the two countries since the Armed Forces removed Morsi from power and installed a pro-military interim government.
Since the July 3 ouster, Egypt has received pledges of support from military-friendly Gulf countries. Saudi Arabia and the United Arab Emirates have promised Egypt US$8 billion in the form of grants, deposits and commodities.
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