Minister of International Cooperation Fayza Abul-Naga called on Washington to consider Egypt's request to turn part of US economic aid into a permanent deposit and technical programs.

In statements on Saturday 10/5/2008, Abul Naga said this should be considered according to what Egypt pays in debt installments and the economic aid that Egypt asked to be turned into a deposit.

Although many Congressmen have showed understanding to Egypt's proposals, the US administration has not yet decided on Egypt's request to transfer part of economic aid into permanent deposit and the other part into technical aid, she said.

Abul-Naga voiced hope that US Congressmen would positively respond to Egypt's request on aid program to gradually turn assistance to investment and trade cooperation within the coming 10 years.

She said Egypt should not get assistance surpassing the installments it is paying to the US.

Egypt pays $ 350 million annual installments to the US as Egypt's debts to the US stood at $ 4.8 billion, mostly going back to the period between 1978 and 1983 when aids were offered in loans not grants as of 1983, she said.

She added that Egypt was paying for wheat bought 30 years ago.

With the US economic aid shrinking to $ 200 million, Egypt wants 50 percent of US economic aid to be turned to a deposit for its revenues to bankroll health, education and scientific research programs, the minister said.

Abul-Naga lauded the US assistance which funded 40 percent of a Cairo power grid as well as a sanitary drainage network and a communication structure.

On the fringe of the three-day US-Arab Economic Forum that wrapped up work in Washington Friday, Abul-Naga discussed with US Congressmen bilateral relations, the US economic aid program as well as economic growth rates in Egypt and the international food crisis.

In light of the food crisis, Abul-Naga voiced hope that this year Egypt will be able to maintain the 7.2 percent economic growth rates of 2007.

Abul-Naga agreed with the US side to hold a number of important forums to probe the food crisis, adding that the first would be the World Economic Forum to be held in Sharm el-Sheikh next week and attended by US President George W. Bush.

President Hosni Mubarak is greatly concerned about the food crisis and will take part in an extraordinary summit of the Food and Agriculture Organization (FAO) to be held in Rome in this respect, Abul-Naga said.