Report: US to Release Egypt Military Aid

Secretary of State Hillary Clinton will announce Friday that the U.S. will restart providing military aid to Egypt, Bloomberg reports.

The U.S. gives both Egypt and Israel military aid under cash-flow financing, where countries buy goods and services one year and pay for them in future years.

The Government Accountability Office said in a 2006 report that Egypt can make more purchases under this arrangement.

General Dynamics (NYSE: GD) won a $395 million contract in November to make Abrams tank parts for Egypt through a co-production program.

More than 100 employees in Florida, Ohio and Pennsylvania make the parts before they are transported to assemblies in Cairo, according to the report.

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