US Rushes $959 Million to Egypt
The United States announced today that it will rush $959,000,000 in economic assistance funds to Egypt. The White House spokesman said the acceleration in delivering the funds was “in line with the President’s commitment to help our important ally weather current global economic difficulties and the post-September 11 shock to the Egyptian economy”.
Egypt requested the US accelerate deliveries of the money already allocated to it for the coming year in order to help overcome the difficulties caused by the September 11 attacks. The Egyptian tourism industry, a pillar of the economy, has fallen into an unprecedented depression as tourists avoid the Middle East.
The Egyptian Foreign Ministry said in December that it was not seeking more American aid, but merely wanted the United States to be more flexible about the assistance. American aid to Egypt amounts to about US$2 billion a year, reported news service Channel Africa at the time.
The White House added that the accelerated assistance to a key partner in the campaign against terrorism and the pursuit of Middle East peace will support Egypt’s implementation of its economic reform program. (www.albawaba.com)