CAIRO: President Abdel Fatah al-Sisi issued Thursday a decree accepting a grant from the U.S. worth $52.3 million to encourage investments and trade between both sides.
The grant aims for improving productivity and increase small and medium enterprises and other services in Egypt, according to the decree which was published in the official newspaper of al-Waqai al-Masryia.
The deal was signed between the Egyptian government and the U.S. Agency for International Development (USAID). The grant will be provided to Egypt in installments until Sep. 30, 2018, the decree added.
The program has worked in Egypt since 1970s and focused on the deteriorating infrastructure, according to the program’s website.
In February 2014, USAID Cairo Mission Director Mary Otto said on the sidelines of the third Euro-Med Finance conference, the program would raise its economic assistance to Egypt from $ 250 to 300 million, MENA reported.
American aid started to be provided to Egypt again after the relations between both sides strained following the dispersal of the pro-Muslim Brotherhood sit-ins in Rabaa and Nahda squares. Washington also suspended part of its military and economic aid.
However, In June 2014, the U.S. released $575 million in military aid to Egypt that had been frozen. The cash release followed a visit to President Abdel Fatah al-Sisi by Kerry on June 22. In November 2014, Egypt had recently taken possession of a shipment of 10 AH-64 Apache helicopter gunships from the U.S.