US Gives $202Mn In Aid To Egypt

VOL. XLV

No 27

8-July-2002

EGYPT

US Gives $202Mn In Aid To Egypt

The US has provided $202mn to Egypt to support the country’s economic reform process, the US Embassy in Cairo announced on 1 July, adding that the funds were a further demonstration of the US commitment to assist Egypt during a period of economic difficulty. The $202mn is related to progress made in several important areas of economic policy, with $150mn recognizing and supporting Egyptian Government efforts to combat money laundering and the remaining $52mn supporting Egypt’s efforts to mobilize investment through the expansion of capital markets and privatization. The $150mn is part of the third tranche of the $959mn accelerated US assistance program for Egypt announced in January to help it cope with the severe impact on the economy of the 11 September attacks on the US. “America recognizes the important steps the government has taken, including the recently approved money laundering law,” said US Ambassador David Welch.