This image will be automatically disabled when it gets reported by several people.
Egypt CB receives $500mn deposit from Qatar Oil-rich Qatar deposits $500mn in Egypt's central bank to help shore up post-revolution economy; additional $1.5bn expected next month
The Central Bank of Egypt (CBE) has received the first tranche – worth $500 million – of a promised $2 billion deposit from Qatar, Egyptian Finance Minister Momtaz El-Said announced on Thursday. According to the minister, the amount will be converted into Egyptian pounds to help fill gaps in Egypt's budget. The outstanding $1.5 billion will be transferred to the CBE in September, said El-Said. In May of last year, Qatar announced a handful of investment projects in Egypt – worth at least $10 billion in total – aimed at shoring up Egypt's foundering post-revolution economy. Emir of Qatar Hamad Bin Khalifa Al-Thani recently met with Egyptian President Mohamed Morsi to discuss means of enhancing cooperation between the two countries. Following the meeting, Al-Thani ordered that $2 billion be deposited at the CBE. In October of last year, oil-rich Qatar provided Egypt with a grant worth $500 million. http://english.ahram.org.eg/News/51101.aspx
