U.S., Egypt Agree on Rescheduling of Debt

From Reuters

Egypt and the United States on Saturday signed an agreement rescheduling Cairo's civil and military debts to Washington, Egypt's Middle East News Agency said.

The accord makes the United States--Cairo's biggest creditor--the third of 18 creditor nations to finalize details of debt rescheduling agreed to by the so-called Paris Club in May.

France signed an agreement in October and Spain followed early this month.

The Paris Club nations agreed to reschedule $8 billion to $10 billion of Egypt's debt of about $40 billion over 10 years with five years' grace.

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