Saturday, March 30, 2013

Iraq Rejects $4 Billion Egyptian Lifeline Request As High Risk

Iraq rejects $4bn Egypt lifeline request on high risk

AP, Friday 29 Mar 2013

Iraqi official says depositing such a large sum in Egypt would be too risky

An Iraqi official says Baghdad has rejected a request from Egypt for a $4 billion bond to be deposited in Egypt's central bank to bolster its faltering economy.

The official said on Friday that it's "too risky" to deposit such a large sum in Egypt but that talks are continuing for a smaller amount. The official didn't elaborate. He spoke on condition of anonymity because he wasn't authorized to talk to the media.

In Egypt, the presidency's media office confirmed in a statement to The Associated Press that discussions with Iraq are ongoing.

Egypt's planning minister, Ashraf el-Araby, visited Iraq this week.

Egypt has sought help from several oil-wealthy Arab countries to shore up reserves in its central bank, which were depleted in the aftermath of Hosni Mubarak's 2011 ouster.

http://english.ahram.org.eg/News/68017.aspx

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