EconSource: Senate draft bill reduces US aid to Egypt

Follow the latest economic news and developments about the Arab transition countries. 

The US Senate’s Appropriations Committee submitted a bill which requires reducing aid to Egypt by almost $400 million. The draft law reduces US military aid destined for Egypt from 1.3 billion to one billion in addition to reducing the economic aid from $200 million to $150 million. [MENA, Politico]
German Chancellor Angela Merkel reasserted, at a joint press conference in Berlin with Interim Prime Minister Mehdi Jomaa, her country’s continuing support to Tunisia in its transition process, in the economic, political and security areas. [TAP]
Mohamed Abudena the official spokesperson for the Ministry of Housing and Utilities revealed at a press conference yesterday that the Ministry of Housing and Utilities had approved 836 work projects at a value of LYD 892 million in the first half of 2014. [Libya Herald]
The international rating agency Standard & Poor’s has maintained Morocco’s “BBB-” sovereign standing with a stable perspective. This new rating comes after Morocco’s issue of a €1 billion 10-year bond on the international market with a coupon of 3.5 percent and a 3.5 percent interest rate. [WMN]
Also of Interest:
Banks see opportunities in Egypt despite uncertainty | OBG
Saudi king to visit Egypt’s Sisi on Friday | Reuters
Two more bank heists in Tripoli; LYD 2.25 million stolen | Libya Herald
Morocco, UK share ambition to increase trade, create jobs | MAP
Gas reserves found onshore in Morocco | MWN