Benevolent Qatar to convert $2 billion Egyptian loan into bonds
Qatar agreed to convert a $2 billion deposit with Egypt’s central bank into bonds within a week, Youm 7 quoted central bank governor Hisham Ramez as saying.
The conversion was thrown into doubt last week when a central bank official said talks were under way and that Egypt was prepared to repay the $2 billion within days if negotiations to convert the funds into bonds did not succeed. Qatar sent Egypt $3 billion in May of which it converted $1 billion into three-year bonds.
The central bank governor was not immediately available to confirm the report.