Wasted Money: U.S. Nears Aid Deal to Relieve $1 Billion in Egyptian Debt


egyptNearly 16 months after first pledging to help Egypt’s failing economy, the Obama administration is nearing an agreement with the country’s new government to relieve $1 billion of its debt as part of an American and international assistance package intended to bolster its transition to democracy, administration officials said.

The administration’s efforts, delayed by Egypt’s political turmoil and by wariness in Washington about new leaders emerging from its first free elections, gained new urgency in recent weeks, even as the United States risks losing influence and investment opportunities to countries like China, which President Mohamed Morsi chose for his first official visit outside of the Middle East.

Read the report at the NY Times.

{Matzav.com Newscenter}


  1. Compare and contrast this story (relating to Egyptian debt relief) with the previous article (on Gaza’s 600 millionaires).

    Or am I the only one who is taking objection?