Investment in focus as U.S. leaders visit Egypt

American politicians and business leaders offer investment and financial support for Egypt.

By REUTERS
June 27, 2011 11:16
1 minute read.
John McCain and John Kerry

US leaders visit Egypt 311. (photo credit: REUTERS)

 
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Americans senators and business leaders were in Cairo to discuss the Obama administration's investment support in Egypt's new post-revolutionary economy.

Republican Senator and former Presidential candidate Senator John McCain said, "We also feel of utmost importance is that major corporations in the United States of America join together and invest and create jobs in Egypt. The success or failure of the revolution in this heart of the Arab world will be directly related to the ability to provide investment and jobs for the Egyptian people."

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Senator John Kerry, a former Democratic Presidential candidate, sought to ease concerns that US support would be conditional, saying, "We're not here to dictate. We're not here to set a lot of onerous conditions. We're here to work a co-operative process so that, as fast as possible, the money can get out into the market in order to employ people."

The lawmakers were joined by GE CEO Jeffery Immelt, who came to Egypt for a first hand look at the country after the government was toppled in February. "I think what I was looking for on this trip is a sense of security and stability and you can see that forming here in Egypt… a sense of transparency in the government and clearly that's coming together. And really a sense for what's investable, what are the big investment ideas, and how can they take shape and how can they form," said the GE executive.

In May the Obama Administration offered about $2 billion in aid and loans to bolster the Egyptian economy in the wake the revolution.

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