U.S. Pays Egypt Compensation for "Regional Unrest"

(Reuters) The U.S. on Thursday signed an agreement to give Egypt $300 million to compensate it for "regional unrest" stemming from last year's war in Iraq. U.S. Ambassador to Egypt David Welch said the grant also rewards Egypt for promised and realized reforms in trade, fiscal, and monetary policy. Egyptian Minister of State for Foreign Affairs Faiza Abu el-Naga said the two countries were close to a further agreement whereby the U.S. will provide Egypt with $2 billion in loan guarantees.

2004-06-04 00:00:00

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