US government invests over $80bln in Egypt

Through US programs, over 2,000 schools were built

  
Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

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ArabFinance: The US government provided Egypt with more than $80 billion (EGP 15.68 billion) in investments, both bilaterally and through multilateral institutions, over the last 43 years, the US Ambassador to Egypt Jonathan Cohen said on February 23rd.

Through US programs, over 2,000 schools were built, while more than 100,000 instructors were trained. The US has committed over $350 million (EGP 5.48 billion) to Egypt’s higher education scholarships and academic exchanges.

US investments in Egypt’s information and communications technology sector increased by 35% in 2020, with startups raising over $100 million (EGP 1.56 billion) in areas like mobile payments, e-commerce, fintech, and health-tech.

“We’re seeing considerable optimism about Egypt’s economy, and a great desire to tap into these opportunities,” Cohen stated.

In the military field, the US recently approved the sale of new military equipment to Egypt for a total value of $197 million (EGP 3.08 billion).

*At press time, the conversion rate is $1 = EGP 15.68

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