US to support Egypt’s economic reforms: Deputy Secretary of Treasury

Hagar Omran
2 Min Read

The United States will support Egypt in continuing the country’s economic reforms due to Egypt’s successful implementation of the reforms’ first phase over the past three years, US Deputy Secretary of Treasury Justin Muzinich said during a meeting with Egyptian Minister of International Cooperation Rania Al-Mashat over her current visit to the US.

Over the meeting with Muzinich, Al-Mashat highlighted the country’s vision which focuses on major developmental projects through boosting public-private partnerships to increase GDP growth, a ministerial Sunday statement said.

Al-Mashat also met with US Deputy Secretary of Commerce Karen Dunn Kelley, where both sides discussed the cooperation in light of the Prosper Africa initiative that aims at offering the needed funds to facilitate US businesses in Africa’s trade, investments, and development fields. 

The Prosper Africa initiative supports the continent’s infrastructure and regional economic integration, the statement explained, saying that Kelley and Al-Mashat discussed new projects to support economic empowerment of women.

Al-Mashat asserted the importance of the US agencies financing of infrastructure projects in Africa due to the promising opportunities in the continent’s development and investment sectors, while Kelley said that the US administration is keen on strengthening its relations with Egypt.

Egypt is a gate for the US businesses to Africa, Kelley mentioned, asserting US companies’ interest in continuing their operation in Egypt’s investment and trade sectors.

Additionally, Prosper Africa Interim Coordinator Matt Rees visited Egypt in November 2019 to highlight the goals of the initiative at an event organised by the American Chamber of Commerce in Egypt. The US embassy has a Deal Team in place that meets regularly to help the US private sector engage in business in Egypt and elsewhere in Africa.

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