It is not just US military aid. Egypt has a huge debt to the IMF.
Depending on who you ask, the Egyptians probably owe more to the Chinese than the IMF at this point.
If the
political will can be found in both Cairo and Beijing, China should be able to consolidate a significant amount of Egypt's debt to the IMF and some other foreign lenders, with repayment in RMB. This would accelerate Egyptian, if not regional RMB adoption, as well as help China reduce its USD holdings.
However, the Egyptians will inevitably want to hedge their bets, if they can, and stay friendly or friendly enough with Washington to retain access to IMF financing facilities and other sources of Western capital.
Besides senior roles with the Egyptian state, their current Minister for Planning, Economic Development & International Cooperation, Rania al-Mashat, who plays a leading role in managing Egypt's foreign debt, spent the majority, if not almost the entirety of her professional career at the IMF, after earning a PhD from the University of Maryland in the US.
I wouldn't go so far as to call her an American plant or accuse her of being a CIA asset, but she would obviously have reasons and incentives to string the IMF along, if for no other reason, for the sake of lucrative post-government opportunities.