US in talks with Gulf countries to shore up Egypt's economy

Stephen Beecroft, who has recently been nominated to become US ambassador to Egypt, said that his country is currently holding talks with Egyptian and Gulf officials to shore up Egyptian economy.

During a hearing session at the foreign affairs committee at the US Senate on Wednesday, Beecroft said that Egyptian authorities need to fulfil a number of prerequisites to improve the investment climate in Egypt.

Beecroft added that the Americans, through communication, can push Egyptians in the right direction, although they will not agree on everything.

The US diplomat stressed that Egypt has the foundations for economic growth, but needs encouragement to take the necessary measures to build the economy.

He said that the US has a team of experts currently holding talks with Egypt and Gulf countries to help with the provision of aid and encourage needed reforms.

Furthermore, he pointed out that Egypt is in dire need for investments to revive its economy, but that investment, however, requires stability and a democratic climate that ensures human rights for all Egyptians.

Beecroft stressed that Egypt should carry out essential reforms to encourage investors to pump their money into Egypt.