Financial and Banking News


US Congress Increases Aid to Israel and Egypt

On 1 August the US Congress approved a compromise aid bill authorizing $12.7bn in foreign aid for each of the next two fiscal years. The bill includes $1.2bn in economic aid for Israel and $815mn for Egypt, the same as last year. It also provides $1.8bn in military aid for Israel, up from $1.4bn in 1985, and $1.3bn for Egypt, up from $1.18bn. In addition the bill authorizes one-time emergency economic aid...