U.S. relieves Egypt of $1 billion debt to help recovery

[News_Editor]

U.S. relieves Egypt of $1 billion debt to help recovery

2011-05-20 04:40:14 GMT+7 (ICT)

WASHINGTON D.C. (BNO NEWS) -- United States President Barack Obama on Thursday announced the decision of relieving Egypt of up to $1 billion in debt to help promote growth and development.

Obama also guaranteed the new Egyptian government a $1 billion loan to finance infrastructure and job creation. The announcements were part of the president's speech on the recent events in the Middle East.

"We do not want a democratic Egypt to be saddled by the debts of its past," said Obama. "So we will relieve a democratic Egypt of up to $1 billion in debt and help regain access to markets by guaranteeing $1 billion in borrowing."

In addition, the U.S. will create Enterprise Funds to invest in Tunisia and Egypt in order to aid them in meeting near-term financial needs. These will be modeled on funds that supported transitions in Eastern Europe after the fall of the Berlin Wall.

"The Overseas Private Investment Corporation (OPIC) will soon launch a $2 billion facility to support private investment across the region," added Obama. "We will work with allies to refocus the European Bank for Reconstruction and Development to provide the same support for democratic transitions and economic modernization as in Europe."

The U.S. President also announced the launch a comprehensive Trade and Investment Partnership Initiative in the Middle East and North Africa. The U.S. will work with the European Union to facilitate more trade within the region, promote integration with U.S. and European markets, and construct a regional trade arrangement.

In regards to the Israel-Palestine conflict, Obama called for resuming peace talks as the right path towards a peaceful co-existence of the two states. He condemned Israel's settlement activity as well as Palestinian efforts to delegitimize Israel.

"Ultimately, it is up to the Israelis and Palestinians to take action. No peace can be imposed upon them -- not by the United States; not by anybody else. But endless delay won’t make the problem go away," said Obama.

The U.S. president remarked that the only solution to achieve a lasting peace is Israel as a Jewish state and the homeland for the Jewish people, and the state of Palestine as the homeland for the Palestinian people, each one enjoying self-determination, mutual recognition, and peace.

While Obama said that the U.S. will not get involved in solving the conflict, he suggested that the negotiations should result in borders of Israel and Palestine based on the 1967 lines.

Furthermore, the Obama remarked that Palestinians must have the right to govern themselves but without threatening the security of Israel. He added that if not, Israel has the right to self-defense from any threat.

Finally, the president voiced the U.S. support to the political and economic reform in the Middle East and North Africa in order to meet the legitimate aspirations of citizens throughout the region.

Obama deplored the use of violence and repression against the people and called for respecting universal rights including free speech, the freedom of peaceful assembly, the freedom of religion, equality for men and women under the rule of law, and the right to choose their own leaders.

-- © BNO News All rights reserved 2011-05-20

[chuckd]

I wonder how many job opportunities in the US this will open up.

This guy would be better advised to concentrate his efforts on fixing the US economic recovery that isn't recovering.

[Renbe]

I wonder how many job opportunities in the US this will open up.

This guy would be better advised to concentrate his efforts on fixing the US economic recovery that isn't recovering.

What's a billion more or less for a country that prints its currency by the trillions?

[Steely Dan]

I'm sure the Egyptians will gratefully and cynically take the money in the same manner as Pakistan does. Who knows they may even be willing to turn down the heat on the Coptic Christians for a bit and make the right noises with regard to honouring the camp David agreement, whist they let arms flood into Gaza and to to Hamas.

[Steely Dan]

Yes thankyou kindly Mr Obama, we can now see you actually reward us for our disgusting Islamofascist tendencies. We can try to be as badly behaved as Pakistan if you want.

http://www.aina.org/news/20110520141541.htm

Amid the upheavals in Egypt since January, reports have begun to emerge of a surge in disappearances of Coptic girls.

One priest in Cairo estimates that at least 21 young girls, many as young as 14, have disappeared from his parish alone.

In most cases, when a Christian girl who disappears is found by her family, she has been converted to Islam and married. The Coptic authorities, have even set up a series of refuges in monasteries to handle the growing numbers of girls who wish to return to their families, many of whom are not accepted by their family of origin.

But a worse problem for these women is that their conversion to Islam is irreversible

[EnSvenskTiger]

Obomba will soon "launcha $2 billion facility" to help the region!

Oh yeah! Where will he get that kind of money? He doesn't have money to buy his own lunch tomorrow unless he asks the Chinese for some cash! Get over it!

Tiger

Edited May 21, 2011 by EnSvenskTiger