Gulf funds to Egypt may be converted into bonds

Egypt: A legal expert has said Egypt could convert part of the $12bn of loans and grants pledged by Gulf nations last week into tradable bond securities, Reuters has reported. “The contributions from non-Qatar states are certainly capable of being represented by notes issued through the programme,” said James Healy, a partner at law firm Skadden, which represented Egypt in connection with the establishment of the programme. “The key advantage is the potential tradability of these securities, which would suggest Qatar might have considered trading them before maturity,” said Healy. []

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