Last remaining seats to the Jpost 2017 Annual Conference! Get your special offer now

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
from around the web
Related Content
Breaking news
April 26, 2017
Trump's concession on wall funding removes obstacle from spending talks

By REUTERS

Top Stories
Israel Weather
  • 13 - 29
    Beer Sheva
    13 - 25
    Tel Aviv - Yafo
  • 12 - 28
    Jerusalem
    13 - 25
    Haifa
  • 19 - 34
    Elat
    16 - 31
    Tiberias