has paid back $500 million to Qatar: central bank governor
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[October 11, 2014]
WASHINGTON (Reuters) - Egypt has
paid back $500 million to Qatar and will soon return the remainder of
the money the Gulf state deposited into the Egyptian central bank after
the 2011 revolution, the bank's governor said on Saturday.
Qatar helped prop up the Egyptian economy in the aftermath of the
revolution that ousted Hosni Mubarak and eventually brought Islamist
President Mohamed Mursi to power in Egypt's first democratic
The monarchy, a strong supporter of Mursi's Muslim Brotherhood,
provided some $7.5 billion in loans and grants during Mursi's year
"Egypt has already transferred $500 million to Qatar on Oct. 1 and
will refund $2.5 billion at the beginning of November, because they
(Qatar) did not ask for renewal," Hisham Ramez told Reuters on the
sidelines of IMF and World Bank meetings.
If Egypt pays back the $2.5 billion in addition to the $500 million
already paid, it will have returned all of Qatar's post-revolution
Relations between Cairo and Doha have deteriorated since then-army
chief Abdel Fattah el-Sisi removed Mursi from power following mass
protests against his rule last summer.
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Sisi, who was elected president in May, has led a crackdown on the
Muslim Brotherhood that has seen hundreds killed and thousands
imprisoned in the past year.
Since Mursi's ouster, Egypt has relied on financial support from
Saudi Arabia, the United Arab Emirates, and Kuwait, which see the
Brotherhood as a threat to their regional interests.
(Reporting By Ehab Farouk; Writing by Shadi Bushra; Editing by Sonya
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