Egypt Aid After the Speech

The State Department released a fact sheet summarizing U.S. assistance to Egypt in light of President Barack Obama’s speech on the Arab Spring earlier today. New measures include $2 billion in support through the Overseas Private Investment Corporation (OPIC) which will prioritize support to smaller enterprises that can quickly mobilize capital. The U.S. Export Import Bank (ExIm) “has approved $80 million in insurance cover to support letters of credit issued by Egyptian financial institutions.” In June, the United States Trade and Development Agency (USDTA) will host a commercial development forum for Egyptian and U.S. government and business representatives  “focusing on energy, information and communication technology, transportation, and agriculture.” The statement does not mention the “up to $1 billion” in debt relief that the United States will extend to “a democratic Egypt,” which President Obama referenced in his speech.

UPDATE: The Fact Check blog of the Washington Post observes that while Obama’s rhetoric makes it appear that these aid measures are all guaranteed, in fact: debt relief/swap could take months before Congress approves it; the same applies to the Enterprise funds, mentioned elsewhere in President Obama’s speech (but not the press release)–these funds failed to get into the FY 2011 supplemental budget; and several prominent lawmakers, including Rep. Kay Granger (R-TX), head of the House Appropriations subcommittee on foreign operations, said they want to withhold aid to Egypt depending on who comes to power.