US President Barack Obama 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." In addition, the US will create Enterprise Funds to invest in Tunisia and Egypt in order to aid them in meeting near-term financial needs. These will be modeled on funds that supported transitions in Eastern Europe after the fall of the Berlin Wall.