The US and Egypt announced the signing of a
$190 million budget support agreement that will assist in Egypt's fiscal
recovery and economic stabilization.
This is the first installment of a planned $450 million grant that will
be used for balance of payment support to the Government of Egypt.
"We look at this 190 million dollars as a down payment on Egypt's
promising future," said US Ambassador Anne W. Patterson at the signing
"And as your country continues to make progress with the IMF on a solid
program to stabilize and grow your economy, we will continue to be there,
as friends, to support your efforts with additional assistance."
The Obama administration announced a $1 billion aid package in May 2011
to support Egypt's economic recovery and transition to democracy.
Last week, the US Congress approved the release of $190 million of that
aid package in support of Egypt's homegrown steps toward economic