Egypt’s Minister of Supply and Internal Trade, Ali Moselhy, clarified on Monday that there is no existing credit line established with India.
The statement comes amidst speculation and reports suggesting such a financial arrangement between the two countries.
However, he also said that there are ongoing discussions about payments for imports using currencies other than the U.S. dollar.
“Nothing of the sort has been implemented, but there are discussions so that we can trade in the local currencies of countries like India, Russia, or China,” Moselhy told Reuters.
According to Bloomberg News, Moselhy reported a while ago that India was providing Egypt with a credit line of unspecified value. According to the minister, similar talks are ongoing with China and Russia.
Indian Prime Minister Narendra Modi is expected to visit Egypt by the end of this month as part of the countries plan to become strategic partners.