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U.S. pledges $130 million to support Egypt’s development efforts

This partnership will contribute to stimulating Egypt’s private sector participation in diverse projects.
16.06.24 | Source: economy middle east

The U.S. Government, through the U.S. Agency for International Development (USAID), and the Egyptian Ministry of International Cooperation have announced $130 million in bilateral funding agreements from the American people to Egypt.

“I am honored to reaffirm the U.S. Government’s longstanding commitment to creating economic opportunity and improving conditions for all Egyptians,” U.S. Ambassador Herro Mustafa Garg said.  “With $130 million in funding from the American people, we are advancing Egyptian efforts to achieve a brighter, healthier, and more prosperous future for generations of Egyptians to come.”

Strengthening U.S.-Egypt partnership

H.E. Dr. Rania A. Al-Mashat, Egypt’s minister of International Cooperation, highlighted the partnership between Egypt and the United States, which aims to meet Egypt’s development needs. This partnership will also direct development financing and technical support to various sectors, including education, higher education, the STEM schools system, human capital investment and women’s empowerment, and improving the capacity of small farmers to increase their incomes. 

Boosting private sector participation

Moreover, the minister noted that this partnership has contributed to Egypt’s economic and social development, stimulating private sector participation and its role in diverse projects. This further includes supporting small and medium enterprises, entrepreneurship, enhancing business, and increasing climate action efforts in Egypt.

Enduring U.S. commitment to Egypt

This significant investment is part of the United States’ enduring commitment to advance joint U.S.-Egypt priorities in areas such as education, innovation, entrepreneurship, trade, agriculture, healthy families, clean energy, climate adaptation, governance, and the empowerment of women and girls.

Since 1978, USAID has provided nearly $30 billion in assistance through its comprehensive partnerships and programs. Furthermore, these programs are fully aligned with Egypt’s national strategies to grow the economy and improve lives.