Minister of Finance: Gulf aid to the converter is Matrouh bonds

Exclude Dr. Fayyad Abdel Moneim Egyptian Finance Minister convert the Egyptian government is part of the loans and grants pledged by Gulf states to Egypt last few days to bonds.

He said Egyptian Minister of Finance, in a statement conversation, told Anatolia news agency, the trend to convert a portion of aid and loans announced by Saudi Arabia, UAE and Kuwait to bonds, is unthinkable, but it is not Matrouh Currently, did not ask any of the donor countries Get this option yet.

And hurried a number of Gulf states, including Saudi Arabia and the United Arab Emirates and Kuwait, to announce financial assistance to Egypt, after the overthrow of the democratically elected Egyptian President Mohamed Morsi, which represents the support of these countries to isolate the military to Anchorage.

And Kuwait announced its intention to provide assistance to Egypt worth four billion dollars, including a deposit of two billion Central Bank of Egypt and the billion dollars grant is not listed, in addition to oil and oil derivatives billion-dollar grant, and pledged the United Arab Emirates that it will provide to Egypt a grant of one billion dollars and a loan of two billion dollars in the form of interest-free deposit with the Central Bank of Egypt.

And Saudi Arabia said it will provide an aid package to Egypt five billion dollars, including two billion dollars and central bank cash deposit and another two billion dollars of oil products and gas and one billion dollars in cash.

It should be noted that the conversion of part of the aid to allow the bonds of creditor nations sell these bonds to other investors if it wanted to. Something that did Qatar, where the country has transformed Egypt loans worth $ 3.5 billion into bonds, in the framework of a new program of medium-term foreign bonds worth $ 12 billion.