President Barack Obama’s administration is closing a deal to send $1 billion to Egypt — a move meant to ensure both political and financial stability for the new democracy.
In June, in their first free elections since the 1950s, Egypt elected Mohammed Morsi — a leading figure in the Muslim Brotherhood — as its president. With a new government in charge, the U.S. hopes to avoid any political unrest in Egypt that might mirror situations in Syria, Libya and across the Middle East.
The debt relief was first promised by President Barack Obama in May 2011. At the State Department, he emphasized the need to assist the nation after its political transition.
“We think it’s important to focus on trade, not just aid; on investment, not just assistance.”
“Together, we must help them recover from the disruptions of their democratic upheaval…”
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