US nears deal for $1 billion in Egypt debt relief

ByREUTERS
September 4, 2012 08:00

WASHINGTON - The Obama administration is close to a deal with Egypt's new government for $1 billion in debt relief, a senior US official said on Monday, as Washington seeks to help Cairo shore up its ailing economy in the aftermath of its pro-democracy uprising.

US diplomats and negotiators for Egypt's new Islamist president Mohamed Morsy - who took office in June after the country's first free elections - were working to finalize an agreement, the official said.



Progress on the aid package, which had languished during Egypt's 18 months of political turmoil, appears to reflect a cautious easing of US suspicions about Morsy and a desire to show economic goodwill to help keep the longstanding US-Egyptian partnership from deteriorating further.

The United States was a close ally of Egypt under ousted autocratic President Hosni Mubarak and gives $1.3 billion in military aid a year to Egypt plus other assistance.

Share this article via
Related Content
Breaking news
May 27, 2017
Senate intelligence panel requests Trump campaign documents -WashPost

By REUTERS

Israel Weather
  • 17 - 34
    Beer Sheva
    18 - 31
    Tel Aviv - Yafo
  • 17 - 31
    Jerusalem
    15 - 30
    Haifa
  • 24 - 37
    Elat
    19 - 35
    Tiberias