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USA’s Egypt Enterprise Fund worth $60m to SMEs

The US administration has launched a $60m fund to invest in the shares of promising small and medium-sized Egyptian firms, Ahram has reported. The Egypt Enterprise Fund was announced in Cairo by US Secretary of State Hillary Clinton at a news conference following her meeting with Egypt's new president Mohamed Morsi. Clinton also pledged Egypt $250m in trade credit guarantees and the fulfilment of debt swap deals announced by president Obama in late spring 2011.