Mary C. Ott, mission director for Egypt for the United States Agency for International Development (USAID), expressed readiness to increase economic aid allocated to Egypt up to US$300 million from $250 million after approval of the US Congress.
On the sidelines of the third Euro-Mediterranean Conference for funding, Ott said the agency offers complete technical and financial support for private sector in Egypt and the Middle East.
She added that several programs on development in Egypt and the Middle East were set to eradicate high poverty rates due to lack of competition between banks and the budget deficit that faces the government. She also mentioned establishing funds for companies in Egypt and Tunisia to increase the capital and create jobs as well as stimulating small- and medium-sized companies.
The main problem in Egypt is financing the projects, which are self-financed by owners of the companies she said.
Edited translation from MENA
