Mubarak, US Treasury Secretary Discuss Economic Policies

Published June 18th, 2000 - 02:00 GMT

Egyptian president Hosni Mubarak met on Sunday with US Treasury Secretary, Lawrence Summers, who congratulated him on the country's economic reforms but called for more private banking. 

"I congratulated the president on the profound changes that took place in the Egyptian economy over the past five to 10 years, changes that gave the potential for promising substantial opportunities in investment," Summers said after "a brief but good discussion on global economy" with Mubarak. 

Summers said he hoped to see "greater cooperation" in upcoming years that would come from Egypt pursuing "more private sector-oriented banking." 

All Egyptian banks are government institutions. 

Egyptian Economy and External Trade Minister Yusef Butros-Ghali attended the meeting at the presidential palace in northern Cairo, an Egyptian official said. 

Summers, who arrived in Cairo overnight on the beginning of an African tour, was also due to meet with Egyptian foreign minister Amr Moussa and finance minister Medhat Hassanein. 

Egypt is the second-largest recipient of US aid after Israel. The US foreign aid budget for 2000 has set aside 735 million dollars for Egypt - CAIRO (AFP) 

© 2000 Al Bawaba (

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