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Thursday, 19 September 2019

Egypt's finance minister says US will grant up to $2 billion in aide

Radwan confirms White House announcement, stipulating financial support of around $2 billion from the US and a debt swap agreement that would direct funds for job creation

Ahram Online and Mena, Thursday 19 May 2011
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Egypt’s minister of finance, Samir Radwan, said that US President Barack Obama will announce granting Egypt around $2 billion in financial help during his public address today.

This confirms what the White House announced yesterday, namely relieving Egypt of up to $1 billion in debt through a swap agreement that would direct the funds towards creating jobs and fostering entrepreneurship.

The White House also announced that another $1 billion will be given to Egypt through a loan or a guarantor agreement to finance infrastructure projects.

Radwan, along with Fayza Abo El-Naga, Egypt’s minister of international cooperation, visited Washington earlier this month to negotiate debt waiving and other forms of financial support.

Obama’s address is scheduled for 6:40pm CLT.

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Jilan Hassan
02-06-2011 12:46pm
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US Aid
I hope the money does not go to big names with vague project ideas
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Christine Boisvert
19-05-2011 11:54pm
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US Billion in aid
Unlike Mubarak, i hope that The new Egypt will open schools to the children that have to work everyday in order to eat. Create a Departement watch-dog in accontability for the money.
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