US Chamber of Commerce supports reducing Egypt’s debt

An official from the US Chamber of Commerce in Cairo on Sunday called for a campaign to reduce Egypt’s debts, amid recent tensions between the US and Egypt.

Lionel Johnson, the chamber’s vice president of Middle East affairs, said during a press conference that the Chamber of Commerce in Washington has asked the Peterson Institute for International Economics, a private research institution, to study ways to help reduce Egypt’s debts and provide recommendations for solving Egypt’s increasing financial problems.

The study said Egypt can bolster its economy by encouraging countries to support the democratic transformation in Egypt, bridging the financial gap the country is facing, and restoring confidence in the country’s investment environment.

Johnson said the Egyptian economy badly needs bolstering, and will likely deteriorate further if foreign investors continue to lose confidence in Egypt’s investment environment.

Johnson said he is launching an internet campaign for this purpose.

The dramatic changes that have taken place in the Middle East and North Africa carried both opportunities and challenges, not only for Egyptians but for the US and its businessmen, he said.

Johnson said an increase in Egypt’s debts would constitute a major challenge for the economy.

Translated from Al-Masry Al-Youm

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