New US investments in Egypt are worth $4 billion
Egypt-USA, Economics, 5/27/1999

The U.S. Overseas Private Investment Corporation (OPIC) provides support for 24 projects presented by US and Egyptian businessmen to be established in Egypt.

"OPIC has almost 24 potential insurance projects in Egypt primarily in the power, oil and gas, water and wastewater treatment, telecommunications and manufacturing sectors. If these registrations were to develop into projects, they would represent total U.S. investment of $4.4 billion," said Kirk Robertson, OPIC's executive vice president, who is currently visiting Cairo for a special symposium that was organized by the American Chamber of Commerce in Cairo yesterday.

Robertson added that the corporation took a decision to increase its activity in Egypt after the success of the economic reform program which made Egypt an alluring country for investment.

Robertson concluded his statements by saying the corporation will also support the Mubarak-Gore initiative which aims at increasing development and investment in Egypt.

Meanwhile, Richard Brown, head of the US Agency for International Cooperation (USAID) in Cairo, said that current strategy of the USAID is to maintain an all-out economic stability in Egypt, an official statement said.

He, further, said that the USAID plan over the 1970s was to build a sound infrastructure to serve development stability and over 1980s to support service projects.

He expounded that cooperation between USAID and the Egyptian government is a successful model of real cooperation. Richard Brown added that the Egyptian economy has the prospects to take off, adding that it was clear from Mubarak-Gore initiative of 1994 that Egypt penciled its economic future to involve in real partnership instead of depending on economic aids.

Previous Stories:
  Daniel Kurtzer: Washington concerned with peace process, regardless of the outcome of Israel's elections   (5/18/1999)
  US commercial delegation to visit Cairo   (5/17/1999)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search