Libya to deposit $2 billion in Egyptian Central Bank

Egyptian Minister of Finance Momtaz Saaed Tripoli – Emad Agag Egyptian Minister of Finance Momtaz Saaed, revealed Libyan authorities promised during the talks with Libyan officials a few days ago to submit a deposit into the Central Bank of Egypt worth two billion dollars from the release of frozen Libyan assets abroad from last year's sanctions against Gaddafi's regime.
This was stated in a press release by the Egyptian minister after the meeting of the Egyptian economic ministerial group headed by the Egyptian Prime Minister Dr Hesham Kandil.
The Libyan side in return urged Egyptian companies to return to Libya, especially the construction companies as well as the Egyptian workers.
Saaed also told reporters that Qatar will also put a deposit worth two billion dollars into the Egyptian bank as announced during a meeting between the Qatar Prince and the Egyptian President Mohammed Morsi, that $500,000,00 will arrive this week with a grace period of 3 years in addition to a repayment period of 5 other years with a fixed LIBOR interest rate for six months. The remaining $ 1.5 billion to arrive before 15 of the next month.
After a meeting with the Egyptian Prime Minister which discussed Egypt's IMF loan worth $ 3.2 billion the Egyptian Finance Minister announced that: "A technical mission from the IMF shall visit Egypt by the end of August to complete the negotiations on the loan on August 26 or 27 or 28.
Momtaz Saaed explained how the World Bank loan worth $ 200,000,000 will support small projects, at a very low interest rate.