US and Egypt sign treaty to spur private investment
The United States and Egypt Thursday signed the first of what the Reagan administration hopes will be a series of bilateral treaties boosting US private investment in developing countries.
The treaty, which must be ratified by the Senate, will require Egypt to maintain favorable conditions for US investment, including the free transfer of interest and dividends and other capital. The treaty program was initiated in January by President Reagan to encourage greater private sector involvement in the third world. A spokesman said some 25 countries have expressed interest in a similar arrangement.