Source: US nears deal for $1 billion in Egypt debt relief

September 4, 2012 06:08

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 are working to finalize an agreement but the deal is not yet done, the official said.

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