Doha: An official source at the Ministry of Finance said the ministry respects the decision of the Egyptian government (the governor of the central bank) to return $2bn deposit.
During the past two weeks, meetings were held in Doha between technical teams from the central bank of Egypt and the Qatari side to convert the deposit into bonds, the source said, adding that the Qatari side suggested to convert it into four equal bonds of $500m provided the first installment was paid immediately and the rest within three months.
Initially the Egyptian team agreed, and then declined for unknown and undeclared reasons, insisting that the deposit should be converted into bonds at once.
Qatar offered to pay the deposit in two installments so the payment of the first installment of $1bn would be immediate and the second within a month, but the Egyptian team insisted on paying the deposit in one installment, requesting Qatar to withdraw it in case of non-implementation.
The source said this deposit is part of a $8bn aid from Qatar to Egypt. Of this, $3.5bn into bonds were transferred, $1bn grant, as well $1.5bn deposit to the central bank with preferential interest rates and a three-month maturity.