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Egyptian authorities will issue international bonds worth a total of $2.5 billion with a view to returning Qatari deposits offered by Doha to Egypt following the 2011 ouster of autocratic president Hosni Mubarak.
Speaking to reporters on the sidelines of the Euromoney conference in Cairo, Egyptian Finance Minister Hani Qadri Dimian said his ministry was finalizing details regarding the bonds. He stopped short, however, of saying when they would be issued.
Shortly after Mubarak's departure, Qatar offered Egypt $8 billion in aid, including a $5.5-billion deposit in the Central Bank of Egypt in the form of bonds.
Yields on $500-million bonds owned by Qatar should mature next month, one month before yields on $2-billion bonds mature.
Last year, Egypt announced that it had returned $2 billion that Qatar had deposited at its central bank, citing "harsh" credit terms.
Relations between Cairo and Doha deteriorated last year ago when the Egyptian military ousted and imprisoned elected president Mohamed Morsi.
Egypt accuses the Qatari government of interfering in its affairs, citing heavily critical coverage of Egypt by the Doha-based Al Jazeera Mubasher Misr news channel.
By Khaled Moussa al-Omrani
englishnews@aa.com.tr
www.aa.com.tr/en - Kahire
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