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.