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Egypt to pay $1bn back to Qatar in October

February 12, 2015 at 11:44 am

Egypt is to pay $1 billion back to Qatar in October, Egyptian Central Bank Governor Hisham Ramez said, noting that Egypt has already paid $6 billion.

Speaking to a local Egyptian TV, Ramez refused to speak about politics, but said: “Economic relations among countries are based on interests and they continue based on opportunities and degrees of success.”

He added: “Investors from America and Europe come to the country, but they are based on success opportunities.”

Ramez stressed that Egypt is exerting much efforts preparing for the upcoming economic conference slated for March, noting that there is a big interest for global investors in Egypt. He said that Egypt can make money from tourism.

Its worth mentioning that the Egyptian economy has been retreating since the ouster of the freely elected Egyptian President Mohamed Morsi in mid-2013.

AP reported that the Egyptian authorities said last autumn they were hoping to attract up to $100 billion at the economic conference, set to take place in the Red Sea resort of Sharm El-Sheikh.

Later, they said they seek to attract $10-$15 billion in investments, and more recently, officials have downplayed the idea of setting a specific monetary goal for the event.