Egypt negotiates with UAE over $3 billion deposit
Fri, 19/09/2014 - 17:02 Al-Masry Al-Youm
http://www.egyptindependent.com//news/egypt-negotiates-uae-over-3-billion-deposit

A senior government official said Egypt is negotiating with the UAE to get a
new deposit equal to US$3 billion to be placed at the Central Bank of Egypt.
He added negotiations on the deposit will be concluded in the coming days.

The deposit will be used to repay part of the Qatari deposit worth $500
million as another $ 2 billion will be paid back later.

It will be also used to repay other payments external debts worth $700
million and known as the Paris club debts, according to the official.

The deposit will also ease pressure on Egypt's reserves of foreign currency,
which reached $16.8 billion in early September.

The Egyptian government has a number of commitments in hard currency that
should be repaid during the coming period, including $2 billion to repay
foreign oil companies. The government owes foreign oil companies more than
$6 billion. The Ministry of Petroleum is negotiating with foreign and
domestic banks to make up for the debts, said the official.

The UAE has provided in September petroleum materials worth $8.7 billion to
cover the needs of Egypt for a year.

The UAE and Saudi Arabia are two of the most supportive countries to Egypt's
new regime after 30 June as both Arab countries have backed the Egyptian
economy with funds that amounted to about $14 billion in loans, grants and
deposits at the Central Bank.

Edited translation from Al-Masry Al-Youm