After playing an important role behind the scenes, Boutros-Ghali took over the top economic job two years ago and has set about introducing the legislation needed to reassure private investors. He points to the International Capital Adequacy rules that have been part of legislation for the best part of a decade as one crucial guarantee that Egypt will not get sucked into an Asian-style banking crisis. To that, Egypt is adding new banking, insurance, capital market and mortgage laws to provide a platform for growth through the private sector. America is clearly pleased with Egypt's economic progress. While some observers say Egypt has a way to go before the economy is freed up sufficiently to warrant such a prize, others say the best way to ensure Egypt's economic reforms are carried all the way through is for America to encourage them via exactly such trade agreements.
American firms are as eager as Egyptian companies, having had significant success in Egypt.
Spurred by such high-level recommendations, there is real optimism among the business communities in both Egypt and America that President Mubarak's steady but progressive privatization and economic development programs will bear fruit through even closer ties in coming years.