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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

Ahram Online, Thursday 23 Aug 2012
Morsi and Hamad
File photo: Egypt's President Mohamed Morsi (R) meets with Qatar's Emir Sheikh Hamad bin Khalifa al-Thani at the presidential palace in Cairo (Photo: Reuters)
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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.

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