Egypt will get $450 and $60 million

U.S. Secretary of State John Kerry met Egyptian President Mohamed Morsi Sunday and pledged financial assistance to Egypt following assurances of economic and political reform in one of America’s key regional allies.

On his first visit to an Arab capital as secretary of State, Kerry said the U.S. will provide $190 million immediately as part of a larger $450 million assistance package designed to help stabilize the bitterly divided country and spur badly needed economic reform.

He also said Washington will provide an additional $60 million for a new enterprise fund to support Egyptian entrepreneurs and young people.

Kerry said the aid was released because Morsi promised to finalize an agreement with the International Monetary Fund on a $4.8 billion loan package that has languished for months. Egypt’s finance minister said Sunday he expects a deal will be reached with the IMF before parliamentary elections begin in April.

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