John Kerry says past US policy mistakes would not be repeated with Egypt

Visiting Egypt, John Kerry offers assurances that, similar to World Bank and IMF, the US wishes to ensure that any aid granted to Egypt is well spent

When asked about the US standpoint on a minimum wage in Egypt, Senator John Kerry, visiting Egypt with a delegation of business leaders, stated that the issue was an internal one, and the US was not planning to interfere in any way.
A WikiLeaks post in The Nation showed that the Obama administration fought against a minimum wage in Haiti, so as to protect the interests of US garment manufacturers making use of cheap labour in the Caribbean country. Similarities arise with Egypt, which hosts factories of several major US-based garment companies.
“Every country has made mistakes over the course of its policies during the years, depending balances of interests, values and possibilities. We are one of those,” the Massachusetts Democrat said. “It is up to the people of Egypt to decide upon these local issues through their democracy.”
Senators John McCain and John Kerry led the high level delegation of elected officials and business leaders during their visit to Egypt. The delegation, which met with top Egyptian officials, including Field Marshall Mohamed Hussein Tantawi and Prime Minister Essam Sharaf, included chief executives of major US companies, such as General Electric.
The delegation rang the bell today in the Egyptian Exchange and met with the finance minister and deputy governor of the Egyptian Central Bank.
Both senators confirmed that any economic assistance the United States would grant Egypt would be unconditional. However, they indicated that it is the right of American taxpayers to ensure that any assistance given to foreign countries is properly spent.
In May, US President Barack Obama announced that the US would relieve up to $1 billion of Egypt's debt and would offer loan guarantees for a further $1 billion. Some observers were wary that such generosity would entail "veiled" political and economical agendas.
Curiously, Kerry drew similarities between the manner in which the US handles aid grants and that of the IMF and the World Bank, the two international institutions that are notorious for imposing policies through economic assistance. “[We use] the way the IMF and the World Bank do business … they have to show that the money is well spent.”
Kerry, however, did not detail the level of this “involvement”; he simply stated that the US has been careful in aid allocations in countries all over the world, and not Egypt alone. “We are not here to dictate,” he added.
For his part, Jeff Immelt, CEO and chairman of General Electric, stated that the purpose of the visit was to see firsthand how the situation in Egypt was. He explained that Egypt should promptly acquire financing for large infrastructure projects. “We don't need to be convinced of business opportunities in Egypt. The question is one of speed,” he added.