Egyptian economy heading for competition

USAID Director Brady Anderson said his recent visit to Cairo showed him that the Egyptian economy is heading for competition under the liberal trade system and his meeting with Prime Minister Atef Ebeid convinced him that the Egyptian leadership has a definite perspective to enter into the world trade system and invest in the Hi-Tech industries.

Answering a question on the volume of the US aid to both Egypt and Israel, he said that the Congress had approved on cutting down the aid to them by 5% in 1999.

"Concluding a comprehensive peace deal in the Middle East and the private sector's participation will contribute to increasing the economic growth rate in the area and reducing reliance on the foreign aid", he added.