Egypt to Receive US $ 330 M in New U.S. Assistance

Deputy Prime Minister and Finance Minister Hazem el-Beblwai met on 5/9/2011 with the UK’s new Permanent Representative to the European Union in Brussels Sir Jon Cunliffe, to discuss Egypt's financial and technical cooperation with Britain, Europe, the world's major industrialized countries and international financing institutions. The economy is gradually improving, the Egyptian Minister stressed. Sir Jon asserted the UK's support to Egypt in this current important transitional period in its history.

On the other hand, Dr. el-Beblawi met on 5/9/2011 with US Ambassador in Cairo Anne W. Patterson. Patterson said that the USA will offer a new assistance worth US $ 330 million to Egypt to back its economy. The diplomat asserted her country's full support to efforts by the Egyptian government to revive the Egyptian economy after the difficulties facing it since the January 25th Revolution.

The Egyptian economy is recovering and has become stronger and stabilized than before thanks to the strength and diversity of its resources, Beblawi said. Tourism revenues have started to improve, he said, and "my hope is that workers' protests would recede especially with the return of the people's confidence in the government and in its hard work to serve the entire community."

The Minister urged the international business community, especially in the US, Europe and the Arab world to invest in the success of the Egyptian revolution and in the better future of Egypt. Egypt's economy needs the flow of foreign investments to return to its previous rates, to allow for more market liquidity and generate more jobs, he said. The success of the revolution and Egypt's restoration of its stability are the best guarantee for the stability of the entire region, he said. Talks between the two sides covered the idea of holding a workshop in Cairo to bring together representatives of the various Egyptian ministries and US officials to discuss Egypt's current and future economic needs.