Aug 23 2012
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Egypt's Finance Ministry: Qatar Deposits $500 Mln at Central Bank
Thursday, Aug 23, 2012
CAIRO (Zawya Dow Jones)--Qatar has deposited $500 million at the Egyptian central bank, the first tranche of a $2 billion loan pledge, Egypt's Ministry of Finance said Thursday.
The oil and natural gas-rich Arabian Gulf state told Egypt's finance ministry that it will deposit the remainder of the loan in September, according to a ministry press statement.
Egyptian Minister of Finance Mumtaz Al Said asked the central bank to immediately convert the funds into Egyptian pounds to provide support to Egypt's depleted treasury.
Egypt's economy has struggled to attract investment and tourist dollars since political instability and recurring violence descended on the country following a revolution in early 2011.
Egyptian economists estimate that Egypt will require more than $12 billion in external financing this year in order to mend the gaping holes in its budget.
-By Matt Bradley, Dow Jones Newswires; +201-8875 0572, firstname.lastname@example.org; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
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