Egypt To Obama: Congratulations, Now Let's Talk Business
By Daria Solovieva | November 10, 2012 8:12 AM EST
Egypt, the Middle East’s most populoU.S. nation, has been following closely the U.S. election.
The Obama administration continues to pU.S.h forward with a $1 billion aid package for Egypt, which hit a roadblock in Congress following protests in Egypt outside the U.S. embassy. Egypt remains the second largest recipient of U.S. aid after Israel.
While the government said it has reached an understanding with IMF officials, the loan remains a politically divisive issue inside Egypt. Many conservatives inside the Morsi administration are critical of paying interest, which is traditionally forbidden in Islam, and wary of foreign interference in Egypt’s economy.
Egypt's new leadership "will need to deliver economically,” said Tarek Osman, the author of “Egypt on the Brink”. “All of that necessitates significant international support, and so the U.S. economic support carries extra weight.”
Eventually, Egypt’s government admitted taking too long to respond to the protests, and constructed a wall outside the U.S. embassy in Cairo to protect American diplomatic personnel. “We took our time,” President Morsi acknowledged to New York Times. “We can never condone this kind of violence, but we need to deal with the situation wisely.”
The challenge remains for the U.S. to reach out to different political factions, amid increasing controntation between Islamists and political fragmentations following the Arab Spring. “The fact that free elections have taken place in Egypt, Morocco, Tunisia, and Libya means that for the first time in many decades the leaders of these countries have real legitimacy in their interactions with the U.S., and other international stakeholders,” Osman noted.
The view from Cairo, though, is simple: political relations are important, but today the Egyptian government really cares about the economy.
“We already have a history between Egypt and the U.S., but we hope that the future holds better economic relations that are based on equal partnership rather than subordination, the same way they were during Mubarak days,” Gouda said. “We are working on building a positive investment atmosphere for U.S. investors.”
To contact the editor, e-mail:
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
- Photos from the Crash Site of Malaysia Airlines MH17 In Ukraine
- Selena Gomez Turns 22 Today, Celebrates Early without Justin Bieber: Top 12 Interesting Facts About the Singer [SEE PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- Sony PlayStation 4 Outsells a Resurgent Xbox One in June