U.S. Diplomats Discuss Economic Cooperation With Egypt

United States top diplomats Thomas Shannon and David Thorne are visiting Cairo to “discuss opportunities for cooperation on support for the Egyptian economy,” said U.S. embassy official Mofid Deak.

U.S. State Department Counselor Shannon arrived in Cairo on Wednesday morning, while Thorne, senior aisor to the secretary of state, arrived on Tuesday night.

Shannon and Thorne met with Egypt’s Industry and Trade Minister Mounir Fakhry Abdel Nour on Wednesday. Abdel Nour stressed the importance of the U.S. “active and influential” role in the economic conference Egypt is launching in the coming phase, according to a statement from the ministry.

Egypt’s Planning Minister Ashraf al-Arabi announced the country will hold a conference, entitled the Egyptian Economic Summit, in February to attract foreign companies, donor and international organisations.

Abdel Nour also discussed the new Suez Canal development project with the American delegation. He said the mega project needs large investments by the people of Egypt.

The project was launched by President Abdel Fattah al-Sisi on August 5. It entails digging a 72-km (45-mile) bifurcation to the Suez Canal as well as developing the Suez Canal region.

Egypt’s economy has been suffering due to political turmoil which followed the January 25 uprising in 2011.

Egypt’s central bank said on Wednesday that the country’s annual core inflation rose to 10.07 percent in August from 9.57 percent in July. The core inflation excludes subsidised goods and volatile items.

Source : Aswat Masriya