Official: Iraq rejects Egypt request for $4B bond deposit, talks under way for smaller amount

Published March 29, 2013

| Associated Press

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.

URL

http://www.foxnews.com/world/2013/03/29/official-iraq-rejects-egypt-request-for-4b-bond-deposit-talks-under-way-for/