Egypt is currently holding negotiations with UAE to receive an additional grant worth $3 billion that will be deposited in Egypt’s central bank, well-informed sources cited high profile Egyptian official as saying.
The talks are scheduled to be completed in the upcoming days, the official said, adding that the deposit will go for repaying $500 million to Qatar as part of Qatari deposit, while the remaining $2 billion will be repaid later.
The UAE deposit will also be used in repaying installments of Egypt’s external debt to Paris Club at a value of $700 million.
According to the official, the UAE deposit is aimed at removing pressures from Egypt’s foreign currency reserves that reached $16.8 billion in early September.
The talks are scheduled to be completed in the upcoming days, the official said, adding that the deposit will go for repaying $500 million to Qatar as part of Qatari deposit, while the remaining $2 billion will be repaid later.
The UAE deposit will also be used in repaying installments of Egypt’s external debt to Paris Club at a value of $700 million.
According to the official, the UAE deposit is aimed at removing pressures from Egypt’s foreign currency reserves that reached $16.8 billion in early September.
Source:
Mubasher
