USA Turns Down Egypt’s Request For US$ 550 Mln Aid In Cash

The United States of America has rejected Egypt’s request for aid worth US$ 550 million in cash and insisted to give the country the value of this aid in the form of advanced scholarships in technical fields needed by the Egyptian government.

A source at the Ministry of Planning and International Cooperation revealed that USA has promised to grant Egypt aids worth US$ one billion; of which US$ 190 million are secured, US$ 260 million are hinged on securing the long-awaited loan from the International Monetary Fund (IMF) and US$ 550 million will be given in the form of scholarships after USA rejected to give this value to Egypt in cash.

Egypt is still in talks with USA and international lenders to secure loans and grants to be able to overcome the current economic crisis, the source added.

The government seeks to secure the US$ 4.8 billion loan from IMF as it will enable the country receive other loans and grants including US$ 2 billion from the World Bank, US$ one billion from African Development Bank and US$ 900 million from the European Union.