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Egypt says it has received $500 mln Qatar deposit

Posted on 24 August 2012

Egypt said on Thursday it had received an initial $500 million loan from Qatar, part of its effort to secure international finance to stave off a financial crisis. The state news agency MENA quoted Finance Minister Mumtaz El-Saeed as saying it was the first tranche of $2 billion the Gulf emirate had promised to deposit with Egypt’s central bank, and that the remainder was expected to arrive next month.
Qatar announced earlier this month it was providing the loan. Egypt has been rapidly depleting its foreign reserves since the popular uprising that toppled Hosni Mubarak led the central bank to sell dollars to prop up the country’s pound………………………………………..Full Article: Source

 
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