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Minister of Finance and acting American ambassador discuss business

Acting American ambassador says the United States is economically committed to Egypt

Minister of Finance Ahmed Galal  (Photo from Centre for International Governance Innovation website)
Minister of Finance Ahmed Galal
(Photo from Centre for International Governance Innovation website)

Egypt’s Minister of Finance Ahmed Galal sat down with the acting American ambassador in Cairo, David Satterfield, to discuss the government’s economic plans and latest steps taken to achieve social justice and economic development, according to an official statement issued by the ministry of finance on 26 September.

During their meeting, Ahmed Galal said that the Egyptian government is implementing a clear plan and taking steps and procedures, both economic and political, towards building a modern Egypt.

He added that the biggest challenges that the ministry faces is the Egyptian citizens’ anticipation that results should be quick, and that the focus of all governmental efforts is to achieve the better living conditions Egyptians aspire for.

On his side, the American ambassador assured that the United States is fully committed to supporting the international institutions in Egypt, according to the statement, which did not elaborate on these institutions. He added that the allegations regarding the US’ stance towards Egypt are untrue.

Satterfield stated that the International Monetary Fund (IMF) along with the World Bank are also committed to aiding Egypt.

On 12 September, Gerry Rice, the IMF’s  communications director said during a press briefing that the fund remains strongly committed to helping the Egyptian people deal with their economic and financial challenges.

In an interview with Anis Aclimandos, the president of the American Chamber of Commerce in Egypt, he told Daily News Egypt that the tension between Egypt and the US will ease: “Business is business and it will prevail.”

“There will be some tensions but it is in the interest of the national security of the United States to have good relations with Egypt, and I think Egypt has [an] invested interest in remaining on good terms with the United States,” he said.

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  • Reda Sobky

    I think there is a gradual realization that the June 30th mass event was a genuine uprising to correct the course and depose the oppressive regime. The truth is coming through in spite of the efforts of the nay sayers and the angry and disappointed at Caliphate central and their agents. The new dawn is here and the future before Egypt is formidable yet exciting because now the challenge has been set and it is time to perform on the ground. I hope the new president has the ability to bring in the diverse groups and factions under the ALL EGYPT umbrella with a broad base to insure that as many people as possible are recruited in the economic recovery.

  • Pingback: Minister of Finance and acting American ambassador discuss business | Frontier Market Solutions Egypt()

  • sam enslow

    It is not so much a question of US firms being willing to invest in Egypt. US corporations have about one trillion US$ resting in off-shore accounts. Some could find its way to Egypt. These companies include firms like Apple Computer and Cisco Systems, but they cover sectors involved in most sectors of Egypt’s economy.
    There are big differences between what the companies want and what Egyptians expect. Tow main issues are security and the stable rule of law. But also must be included the hesitation caused by Egypt’s sectarian divides and the anti-US attitude shown in the Egyptian media. Companies investing in Egypt must install people in Egypt to establish and manage new ventures. How can they send people someplace where they will be hated/cheated? US corporations are interested in making profits. This will create jobs, good paying jobs for Egyptians. US corporations are not interested in filling out endless forms, paying sweets (it is prohibited by US law), or hiring some Big Man’s son because he happens to be the son of a Big Man. They are not interested in having an “Egyptian” partner unless that partner has money invested and/or the skills to assist the company.

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