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Libya denies depositing $2 bn in Egypt's central bank

Libyan senior official denies reports that the state will be giving Egypt $2 billion

Bassem Abo Alabass, Monday 25 Mar 2013
Central Bank of Egypt
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo (Photo: Reuters)
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Libya’s General National Congress (GNC) denied reports that Egypt’s Central Bank (CBE) would receive a deposit of $2 billion from the Libyan government.

On Sunday’s evening, Turkish news agency Anadolu quoted Mohamed Fayez Jebril, the soon-to-be-appointed Libyan ambassador to Egypt, as saying that his country would deposit $2 billion in the CBE to boost the Egyptian economy.

“The GNC hasn’t yet ratified Jebril as the new ambassador to Egypt, so his statements are neither official nor associated with the Libyan government,” Mohamed Douma, the head of foreign affairs committee at GNC, the highest legislative authority in Libya, told Ahram Online. “Ashour Bourashed still stands as the current Libyan ambassador to Egypt.”

The reports of the deposit followed the arrest of three former Libyan officials related to Muammar Gaddafi’s regime in Cairo last week.

Among those who were arrested, Ahmed Gadhaf Al-Dam –a cousin of and former close aide to toppled ruler Gaddafi –was arrested at his residence in Zamalek, reportedly after a small clash between his guards and the police.

Oil-rich Qatar deposited roughly $4 billion in the CBE over the past two years.

Qatar’s deposit aimed at bolstering Egyptian net foreign reserves, which currently stand at critical levels, worth some $13.5 billion.

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