‘Cabinet source’ claims UAE may repay Egypt’s Qatar debt
Minister of supply Khaled Hanafy - YOUM7 (Archive)

CAIRO: Claims by anonymous sources said to be from the Cabinet and reported by Al-Shorouq Friday said the United Arab Emirates will help Egypt repay its $3 billion debt to Qatar.

Al-Shorouq reported that this may be accomplished by the UAE purchasing $2.5 billion in Egyptian bonds.

The source told Al-Shorouq that there has been a pledge by the UAE to pump more money into the Egyptian market as investments.

Egypt-UAE relations have improved greatly since the ouster of former President Mohamed Morsi in 2013. Last August, the UAE announced numerous investments and aid with Egypt, including the establishment of 100 schools, 50,000 housing units and the improvement of sewer systems.

Egyptian Minster of Supply Khaled Hanafy said in statements Thursday to Al-Mal news that UAE investments in Egypt are not free of charge, but that the UAE knows “the return on Egypt investment is more valuable and higher than the investment itself.”

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