$60 mln US-Egyptian Fund To Be Established Next Month: US Embassy

The US embassy to Cairo, in a statement today, said the US Secretary of State Hillary Clinton announced that Egyptian-American projects fund will be officially established next month; starting work with $ 60 million next September.

The statement referred that Egypt needs sustainable economic growth in the income and job openings during transmitting to democracy, the small and average Egyptian companies are the best and rapid ways to meet these needs.

Egyptian projects fund is a part of the US government’s efforts for meeting these needs. It will attract investments to raise the capitals available to the small and average companies. It is expected getting extra investments from the US government in the coming years, to invest the shares from the new companies which lack financing.

The fund will have a board consists of a panel of Egyptians and Americans who have good knowledge about the international finance and the Egyptian private sector.

According to the statement, James Harmon, chairman of the board of Caravel Management LLC in New York, will be the chairman of the board of the fund