CAIRO: The United States has agreed to cancel one-third of Egypt’s debts over the course of three years, the state news agency MENA quoted Finance Minister Samir Radwan as saying on Thursday.
Egypt owes the United States about $3 billion, and instead of repaying the debt, Egypt would use the funds to finance a number of development projects that are still under discussion, Radwan said.
US President Barack Obama announced in May that the United States planned to relieve about $1 billion in Egyptian debts and guarantee another $1 billion in borrowing by Egypt to support its economy after the uprising that ousted president Hosni Mubarak.
Radwan made the statement after meeting with David Lipton, a White House adviser on international economic affairs who is visiting Cairo, MENA reported.
