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U.S., Egypt Agree on Rescheduling of Debt

November 15, 1987|From Reuters

CAIRO — 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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