American aid reduction applies to all countries

"Annual reduction of American aid over the coming ten years will not only be confined to Egypt and Israel but also involves all Middle East states," Egyptian Finance Minister Medhat Hassanein said.

"The American aid fulfilled its role in reforming the Egyptian economy through building a strong infrastructure, something which was badly needed by Egypt following the wars it fought," he said.

"Egypt has moved from the stage of depending on loans and now focuses on attracting capital in development projects," he said.

"Cooperation between Egypt and the US serves their joint interests," he noted. "There are successful enterprises between the Egyptian and American businessmen in various fields," he added.

"President Hosni Mubarak's current visit to the US is different from the previous ones as it takes place after a new US Administration, with different trends took office," Hassanein said.

"The achievement of peace in the Middle East means stability and consequently flow of capital and the implementation of joint investment projects that help create job opportunities, realize welfare for all people, increase production and boost economic cooperation among countries of the region," he added.