US to offer Egypt $200mn in aid

He said the recovery of the Egyptian economy was an important issue for Washington, describing small projects as an engine of development.

US to offer Egypt $200mn in aid

World Bulletin/News Desk

U.S. Treasury Secretary Jacob Lew said Monday that his country would soon present an aid package to Egypt worth $200 million.

He did not, however, mention a specific date for the new aid package that Washington would present to Cairo, or the fields to which the money would be allocated.

Lew said at a press conference in Cairo with Egyptian Finance Minister Hani Qadri that the U.S. strongly supported the Egyptian economy and had discussed with international banks and institutions, including the World Bank, the support that could be offered to small- and medium-sized projects in Egypt.

Lew, who arrived in Cairo late on Sunday, said he came to the Egyptian capital to promote cooperation between the governments of Egypt and the U.S. with the aim of supporting the Egyptian economy.

He said the recovery of the Egyptian economy was an important issue for Washington, describing small projects as an engine of development.

The U.S. official added that his country would offer backing to Egypt in the days to come, especially in the field of investment, noting that delegations of U.S. investors planned to visit Egypt in both November and February.

He said the U.S. was still considering ways of supporting Egypt at an upcoming economic conference scheduled for February.

The Egyptian government is expected to present investors attending the economic conference in February with a host of project proposals in hopes of attracting investment to the country, the economy of which has been battered by three years of turmoil since a 2011 popular uprising.

Lew said the U.S. supported recent economic reforms in Egypt, adding that it hoped the Arab country would initiate more reforms in the future.

Egypt's recent economic reforms included the slashing of fuel subsidies by some $5.7 billion, raising electricity prices and imposing an exceptional 5-percent tax on the rich.

The government also recently imposed a new tax on stock market profits.

Güncelleme Tarihi: 27 Ekim 2014, 15:11

Muhammed Öylek

YORUM EKLE