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

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.