The United States is committed to assisting Egypt with its needs for economic recovery, free and fair elections, and overall stability. In his recent Middle East policy speech, President Barack Obama said, "it’s important to focus on trade, not just aid; on investment, not just assistance. The goal must be a model in which protectionism gives way to openness, the reigns of commerce pass from the few to the many, and the economy generates jobs for the young."
Moreover, said President Obama, "we do not want a democratic Egypt to be saddled by the debts of its past. So we will relieve a democratic Egypt of up to $1 billion in debt, and work with our Egyptian partners to invest these resources to foster growth and entrepreneurship. We will help Egypt regain access to markets by guaranteeing $1 billion in borrowing that is needed to finance infrastructure and job creation. And we will help newly democratic governments recover assets that were stolen."
President Obama presented this package at the top of several initiatives the U.S. has already announced, including $165 million for near-term assistance to support projects that generate jobs and economic growth and support Egyptian efforts to secure a democratic future. The U.S. also expects to provide technical assistance, capital and advocacy training to support small businesses and entrepreneurs and job creation, including tourism and infrastructure.
The Overseas Private Investment Corporation will provide up to two billion dollars 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.
The United States is also 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.
The United States stands squarely on the side of those Egyptians who are reaching for their rights, knowing that their success will bring about a world that is more peaceful, more stable, and more just.