Link: Essam Sharaf, Gamal Abdel Nasser Faraj Abdel Fattah, professor of Economics at Cairo University and head of the Tagmuu Economic Commission said that accepting foreign aid is unacceptable after the January 25 Revolution, and is very surprised that Prime Minister Essam Sharaf is accepting it. According to Fattah, there isn't an institution or body willing to provide funding unless there are benefits to be achieved from giving the funding. Such benefits, he argued, could lead to weakening the economy of the country as was the case with the International Monetary fund and loans that had a small interest rate but none refundable grants. Fattah warned against conditional aid that requires of Egypt to impose legislative and economic rulings that might not benefit it in the long run. Fattah proposed a substitute for foreign aid by recoursing to the savings of the Egyptians in Egyptian banks, and investing them for the nation. According to Fattah, at least 30 percent of the nation would be able to provide savings to fund schemes that will attract promising investment opportunities. He mentioned the Iron and Steel Company of Egypt established under late President Gamal Abdel Nasser through a partnership between public and private investors. Fattah advocated that a similar scheme be adopted now by PM Sharaf's cabinet.
