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Qatar agrees to convert $2 bn into Egypt bonds: reports Hesham Ramez, governor of the Central Bank of Egypt, says Doha approved the conversion of $2 billion into Egyptian bonds, several Egyptian newspapers and evening talk shows report Monday
The Qatari government has agreed to convert the $2 billion it had deposited in the Central Bank of Egypt (CBE) into bonds,CBE governor Hesham Ramezreportedly said on Monday. The funds would be converted into bonds in a week's time, several Egyptian newspapers and evening talk shows reported. Lastweek, the Qatari government requestedthe conversion be delayed; withCBEofficials saying Egypt was ready to repay the $2 billion "within days." Cairo's relations with Dohahave deteriorated since the Egyptian army deposed President MohamedMorsion 3 July following mass protests against his rule. Qatar has firmly backed the government ofMorsi, who hails from theMuslim Brotherhood,providingEgypt with some$7.5 billion during his brief one-year tenure. Saudi Arabia, the United Arab Emirates and Kuwait have stepped in as Egypt's new patrons sinceMorsi'souster,pledginga total of $12 billion in loans, grants and fuel shipments.Of that, $5 billion have already arrived. In May, Egypt converted $2.5 billion of the Qatari loans into 18-month bonds at 4.25 percent interest, and on 1 Julyit converted another $1 billion into three-year bonds at 3.5 percent interest. The bonds were listed on the Irish stock exchange. http://english.ahram.org.eg/News/81217.aspx
