US Confirms Its Support to Egypt’s Economy

The American Chamber has held a conference Today’s morning entitled “Egypt’s New Economic Potential,” attended by some prominent Egyptian and foreign figures. Among the attendees were Robert D. Hormats, Under Secretary for  Economic Growth, Energy, and the Environment, U.S Department of States, Caroline Aktinson, Special Assistant to the President, International Economics, and Robert Drumheller, VP Overseas Private Investment Corporation.

Robert D. Hormats stated that the US seeks to build concrete dialogues with Egypt, to create a strong economic foundation and support Egypt transition period. He describes the Egyptian president’s Renaissance Plan as a good step towards reinvigorating the economy. He added that the World Bank will sustain Egyptian business climate by providing the infrastructure, tax reform, and franchising agreements.

Robert further said  the US government is keen on launching investments in Egypt, targeting SMEs, with the aim of increasing the growth rates of such enterprises. He also asserted that the US OPIC has recently announced that it will provide Egyptian SMEs with $ 2.5 billion. He highlighted Egypt’s economic priorities at the current stage; including the improvements of health standards, education, sanitation and water projects.

The main sectors that are likely to boosted by new US investments comprise energy, transportation and technology; noting that Egypt will be an important trading partner to the US.

On the other hand, Caroline Atkinson, the US Specialist Assistant to President Barack Obama, International Economics, said the US aims at helping Egypt at the current period by developing education opportunities for Egyptians; allowing them to enhance their talents. Moreover, the  U.S is willing to support emerging business, create prospects for the private sector, and help leading Egypt to immediate stabilization.

This conference will open new channels of cooperation between the US and Egypt; especially in the economic sector.