Congress Allocates $125 Mln to Boost Egypt's Economy

US Congress decided to allocate economic grants to Egypt amounting to $125 million during the year 2020.

This came during a meeting on Saturday between Rania Al-Mashat, Minister of International Cooperation and a US delegation from the House of Representatives to review the effectiveness of the USAID program to Egypt.

According to a statement issued by the Ministry, the meeting also discussed the congressional support for the second phase of the Egyptian economic reform program and other structural reforms in various sectors, in addition to stimulating business success stories in the areas of development, economy, women and youth empowerment.

On her part, Al-Mashat said that the aim of her official visit to Washington is to hold meetings with various institutions, to highlight the importance of the economic partnership between Egypt and the United States in various fields.

The minister praised both Congressmen Jeff Fortenberry and Dutch Ruppersberger for their efforts in supporting Egypt's issues of concern  in the US House of Representatives during their chairmanship of the Friends of Egypt group.

The minister emphasized the historical relations between the Egyptian-American sides, expressing the appreciation of the Egyptian government for the role of the American Congress in promoting economic partnership.

Egypt is looking forward to upgrading and strengthening this partnership in various fields to serve the interests of both nations.

The minister pointed out to the ongoing developments  in the economic reform program, saying that the first phase of the program has concluded, including  financial and monetary reforms, and the second stage includes comprehensive structural reform in various sectors to ensure the sustainability of positive results.