The United States is close to a deal with Egypt’s new government for $1 billion in debt relief as part of a U.S. and international assistance package designed to prop up the country’s faltering economy.

The United States is close to a deal with Egypt's new government for $1 billion in debt relief as part of a U.S. and international assistance package designed to prop up the country's faltering economy.

A team of senior U.S. diplomats has spent the last week in Cairo finalizing the agreement, which has been delayed by Egypt's political turmoil. Egypt's debt to the U.S. exceeds $3 billion, Voice of America website reported.

Senior American officials said Monday a final announcement is expected later this month.

U.S. President Barack Obama first pledged economic help for Cairo last year. Obstacles remained to completing the debt relief deal - which is reported to involve a mix of debt payment waivers and complicated "debt swaps."

The negotiations come as a trade delegation with representatives from nearly 50 U.S. businesses considering investment in Egypt is set to arrive at the end of the week. Under Secretary of State Robert Hormats, a former Goldman Sachs executive, will lead the group, which includes regional directors of companies such as Google, Boeing, Xerox and General Electric.