New ventures in cooperation with USAID and JBIC

"The US Agency for International Development (USAID) is ready to finance development projects in Egypt in coordination with Japan's Bank for International Cooperation (JBIC), should the Egyptian government request their assistance," USAID Director in Egypt, Willard Pearson said.

Pearson further added that the American and Japanese assistance to Egypt supported the government's efforts to achieve economic development in a pivotal state in the Middle East, pointing out that opening new vistas for cooperation between Egypt and major world states is beneficial to the Egyptian economy in general.

"Japan is a major global economic power, making the promotion of Egyptian-Japanese investments an important issue to the Egyptian government," he added.

It is worth noting that the JBIC has announced that the aggregate volume of loans offered to Egypt within the framework of the Japanese aid reached $ 3.6 billion (359 billion yen up till 1999).

The Bank added that Japan will resume giving loans to Egypt in the next period.