Egypt signed an agreement with the US government Sunday under the terms of which it will receive a $190 million grant to back its state budget, reported Al-Ahram Arabic-language news site.
The grant is the first tranche of a US aid package to Egypt worth $1 billion announced by President Barack Obama in May 2011, according to Egyptian Minister of Planning and International Cooperation Ashraf El-Arabi.
El-Arabi said the agreement would be presented to the Egyptian Shura Council (the upper house of parliament) for ratification. The grant is expected to be received before the year’s end.
Source: Ahram Online