What has Egypt done for the US? They constantly vote against America, and are usually on the "other side". U.S. relieves Egypt of $1 billion debt to help recovery » Breaking News | Wire Update News | News Wires - By BNO News WASHINGTON D.C. (BNO NEWS) -- United States President Barack Obama on Thursday announced the decision of relieving Egypt of up to $1 billion in debt to help promote growth and development. Obama also guaranteed the new Egyptian government a $1 billion loan to finance infrastructure and job creation. The announcements were part of the president's speech on the recent events in the Middle East. "We do not want a democratic Egypt to be saddled by the debts of its past," said Obama. "So we will relieve a democratic Egypt of up to $1 billion in debt and help regain access to markets by guaranteeing $1 billion in borrowing."