Egyptian Economics Minister Kaissouny was preparing today for his return trip to Cairo following a week-long round of official talks reportedly aimed at securing additional U.S. loan funds.
“With the specifics of his visit here still clouded in secrecy, State Department spokesmen conceded that the Egyptian diplomat had talked with State Department and U. S. Agency for International Development officials about the possibility of a loan. The discussions were coincidental to the major reason for his trip–to obtain additional funds from the non-U.S. International Monetary Fund to help stabilize the Egyptian economy.
While declining to elaborate in detail on any aspect of the loan discussions, the State Department spokesmen said that Mr. Kaissouny had talked about “a number of specific industrialization programs” for which he is seeking U.S. financial backing. They indicated that one possible factor which would determine the U.S. decision was the stability of Egypt’s economy–implying that the decision hinged on the outcome of the negotiations with he International Monetary Fund. The spokesmen said that a U.S. loan to Egypt for “an economically feasible” project was “certainly a possibility.”
There was no indication of what amount the Egyptians are requesting in U.S. aid, but the spokesmen expressed considerable doubt that the figure was anywhere near the half-billion dollars which has been reported by Cairo radio.
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