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Originally published Friday, March 29, 2013 at 4:46 AM

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Iraq rejects $4B Egypt request, talks ongoing

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.

Associated Press

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BAGHDAD —

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.

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