06/09/2012 13:02
US ready for $1 billion debt relief with Egypt
The United States is close to a deal with Egypt's new government for $1 billion in debt relief as part of a U.S. and international assistance package designed to prop up the country's faltering economy and aid its transition to democracy, the Voice of America reports.
A team of senior U.S. diplomats has spent the last week in Cairo finalizing the agreement, which has been delayed by Egypt's political turmoil and caution in Washington about rewarding its newly elected Islamist leadership. Egypt's debt to the U.S. exceeds $3 billion.
Senior American officials said Monday a final announcement is expected later this month.