Egypt still US strategic friend and ally, USAID Director says

Egypt will always be the US's strategic friend and ally especially after the high-profile attitude it adopted regarding the current US-led terrorism-combat campaign, a high-level American source said Thursday.

Director of USAID Willard Pearson, who also underscored the continued Egyptian Mideast peace efforts, was speaking at a news conference held in Cairo this afternoon.

Pearson said the US wishes to express its deep gratitude for the dignified stance adopted by the Egyptian government in the wake of the September 11 terror-attacks. "Such stances testify to the depth of relations between the two countries," he said.

He said that US President George W. Bush's promises to President Hosni Mubarak to offer Egypt urgent economic assistance to help it overcome the negative impact of the September 11 events represented an additional proof of Egypt's distinguished position in the eyes of the US administration.

"According to the agreement signed by Egypt and the US in this regard, Egypt will receive US $ 959 million in urgent assistance," he said.

Egypt has already received US $ 579 million of the allotted sum, he said. Steps are going on to transfer to Egypt the remaining US $ 380 million.

Pearson believed the assistance money would help Egypt in its economic reform drive.

He lauded the recent Egyptian reform steps and welcomed the policy statement given by Prime Minister Atef Ebeid Wednesday.

The US official said that decreasing the Egyptian pound's exchange rate against the US dollar was a step that would help Egypt overcome the current international economic crisis, achieve quick economic improvement and increase its ability to attract direct foreign investments.