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

Ahram Online and Mena, Thursday 19 May 2011

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

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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