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America and Egypt sign $190m aid deal

February 15, 2014 at 1:27 pm

The United States and Egypt have signed an aid deal worth $190 million in the presence the US ambassador to Cairo Anne Paterson and Egyptian Prime Minister Hesham Kandil. The agreement was signed by Minister of Planning Ashraf Al-Arabi and the director of USAid’s Mission to Egypt, Mary Ott.

“US President Barack Obama has announced a one billion dollar grant for Egypt,” said Al-Arabi. “This $190 million is the first payment of two totalling $450 million.” The minister said that the first instalment is to support the general budget and most of it will go to subsidise investment projects.

Agreement was reached on the deal during Secretary of State John Kerry’s visit to Cairo last week. According to Minister Al-Arabi, it is in line with US support for Egypt’s socio-economic programme which was proposed to the IMF after being prepared by the government and NGOs. The second payment is due before the end of 2013.

Ambassador Paterson welcomed her country’s support for Egypt. She said that this grant is a part of the bundle of US support that President Obama announced previously.