U.S. Support For Democratic Transition In Egypt

"This is ... a very important moment for Egypt, as it seeks a successful democratic transition as well as an essential economic recovery. It is an important moment for the U.S.-Egyptian partnership as we seek to do everything we can to support that important transition and that important economic recovery,” said Deputy Secretary of State Bill Burns during an interview for Egyptian television.

There is a widespread understanding ... of the importance of Egypt’s transition and Egypt’s economic recovery ... not just for Egypt but for the whole region today. A successful transition in Egypt is deeply in the interests of the United States, and we want to do everything we can to help. We will continue our assistance programs and propose new initiatives, said Deputy Secretary Burns.

“Egypt has demonstrated over the last decade an ability to achieve quite impressive economic growth -- 7 percent, on average, over the last decade,” said Deputy Secretary Burns. “The problem, as Egyptians know better than Americans, is that the benefits of that growth were not spread widely across society. So, the goal for Egyptians today after the revolution, it seems to me, is inclusive growth, and that requires progress, and job creation.”

The United States has proposed loan guarantees and an Enterprise Fund, designed to help small and medium sized enterprises in Egypt, said Mr. Burns. Further, “we are encouraging investment by American companies in Egypt, encouraging the recovery of the Egyptian tourism industry, and encouraging the expansion of a program which already exists for duty free access to the U.S. market for certain Egyptian goods,” said Deputy Secretary Burns.

“The success of Egypt’s transition matters enormously not just to the United States, not just to Egypt, but to the entire region,” said Deputy Secretary Burns. “Egypt’s leadership remains a crucial factor to stability across the region, and certainly the United States has no more important partner across this region than Egypt."