Egypt’s Planning Signs $190 mln US Grant To Support Economic Reform

Egypt’s Premier Dr Hesham Kandil witnessed this morning signing $ 190 million grant agreement between Dr Ashraf Al Araby, Egyptian Minister of Planning and International Cooperation, and Mary Ott, USAID’s Mission Director in Egypt. This grant agreement aims to foster the national program for stability and economic reform in Egypt. The agreement was signed in the presence of the US ambassador Anne Patterson.

Al Araby elucidated that this agreement comes in the framework of the US economic aids package to Egypt announced before by Mr Barack Obama, US President; adding that the American side is supposed to transfer cash flows in the framework of the mentioned package, estimated with $ 260 million.

The minister affirmed that the negotiation between the two sides around the US economic aid package is still ongoing. The package takes in cash flows to establish Egyptian American business fund so as to finance the small and medium entrepreneurs (SMEs), and also to complete financing the ventures are being carried out within the program of US economic aids.

In the wake of 25th January Revolution, Egypt is looking forward to interacting and having real partnership with the USA in various economic fields, in line with the needs and priorities the Egyptian development, according to the state’s general plan, which is considered as a power pushing for economic growth; representing in recruitment and training programs, developing slums, the complete development of the countryside, literacy, social protection programs for the poor, SMEs, and other economic programs target eliminating budget deficit and inflation.