PM denies requesting US$2 billion loan from Algeria


Prime Minister Hesham Qandil denied Tuesday reports about an Egyptian request for a US$2 billion loan from Algeria.

Qandil told Algerian reporters during a visit to the country that Egyptian-Algerian economic cooperation will have a positive impact in the short-term for both countries. He added that the next period will see the implementation of agreements reached with Algerian Prime Minister Abdel Malek Sellal and other officials on Sunday.

An official government source had said that Egypt might negotiate with Algeria for a loan of nearly $2 billion, adding that it was a potential discussion topic during Qandil's talks with Sellal.

Egypt is already in negotiations with the International Monetary Fund for a $4.8 billion loan to address its budget deficit.

Finance Minister Momtaz al-Saeed told Turkish news agency Anadolu on 15 October that Egypt had agreed with the World Bank on the terms for obtaining a US$1 billion loan to finance projects that are part of state investment plans for fiscal year 2012/13.
Qatar has also pledged $2 billion to Egypt, being paid in instalments, expected to be completed by December.

Earlier this week, Turkey had officially approved another $1 billion for Egypt, agreed upon during a visit by President Mohamed Morsy in September.

Edited translation from Al-Masry Al-Youm

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