The U.S. Government will support Egypt and the Egyptian people with their needs for economic recovery, free and fair elections, and overall stability. In the short-term, our assistance efforts will leverage existing funding to produce quick, concrete results and have a tangible impact in support of Egypt’s economic recovery and democratic transition. We recognize that a prosperous and democratic Egypt, buoyed by economic growth and a strong private sector, can be an anchor of stability for the Middle East and North Africa.
Long-term Partnership with the Egyptian People: Working together over the years, we are particularly gratified that we have been able to help Egyptians in practical ways. We are proud of over thirty years of U.S. assistance to Egypt, in which the United States has:
Renewed Bilateral and Multilateral Support: The United States requested $250 million in economic support funds and $1.3 billion in foreign military financing from Congress in FY 2012, in support of a revitalized partnership with Egypt and Egyptians.
The United States also provides critical support to Egypt, together with our international partners, through our leadership at international financial institutions, such as the World Bank, African Development Bank, and the Organization for Economic Cooperation and Development, where we have repeatedly used our leadership and contributions to mobilize billions of dollars in ongoing support for Egypt.
Immediate Economic and Political Transition: In addition to ongoing U.S.-funded economic and political reform programs in Egypt, the United States has made available a total of $165 million for near-term assistance to support projects that generate jobs and economic growth and support Egyptian efforts to secure a democratic future.
To address immediate economic needs arising from recent events, the United States expects to provide technical assistance, capital, and advocacy training to support small business and entrepreneurs; sustainable job creation focused on, but not limited to, the tourism/hospitality sector and infrastructure; and education, management skills, and vocational training to help get people back to work.
The United States is providing support to Egyptian and U.S. organizations working to promote respect for human rights and political freedom, building a free and fair elections process, advance media professionalism and political party development, and increase youth and women’s participation. We will ensure that a significant portion of our assistance will directly support Egyptian civic organizations’ efforts to promote political and economic reform, expand civic awareness, and promote government transparency.
OPIC Support for Investment: OPIC will provide up to $2 billion in financial support to encourage private sector investments in the Middle East and North Africa, building partnerships between U.S. and Arab businesses to promote growth, and regional job creation. OPIC will prioritize small and medium-sized enterprises and is prepared to grant proposed projects “fast track” approval status (provided due diligence requirements are met) to mobilize capital quickly.
ExIm Letters of Credit: The U.S. Export Import Bank has approved $80 million in insurance cover to support letters of credit issued by Egyptian financial institutions, showing our support for the Egyptian economic recovery.
USTDA Business Forum: USTDA will host a June forum in Washington, D.C., bringing together a wide variety of Egyptian and U.S. public and private sector representatives to explore trade, investment and commercial opportunities. The Forum will encourage enhanced trade and sustainable economic development in Egypt, focusing on energy, information and communication technology, transportation, and agriculture.