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Economics & Development | Global Arab Network
EU to support Egyptian economy with € 1.24 billion
Global Arab Network - - Maha Karim
Sunday, 10 July 2011 19:12
Global Arab Network - Head of the EU Commission to Cairo Mark Franco said negotiations now are underway with the Egyptian government for defining areas to spend the sum of €1.24 billion endorsed by the EU to support the Egyptian Economy.

This is in addition to the annual aid program by EU to Egypt, which amounts to €50 million.

Egypt is not a poor country as it has resources and the EU would like to present Egypt loans and not grants, Franco noted, adding that Egypt is a partner of the EU and a main player in the region.

Boosting partnership with Egypt will sure contribute to solving regional problems, he said in a joint press conference with Polish Ambassador in Cairo Piotr Puchta, whose country took over the rotating presidency of the EU on July 1.

The EU works with Egypt to achieve economic development, making it easier for Egyptian products to tap European markets, Franco remarked.

Europe is now talking with Egyptian officials on means by which Egyptians can get an easy access to European states as part of a free-movement-in-Europe partnership, according to Franco.

Asked about European assistance to Egypt, Franco said the European Commission has allocated a budget for North Africa and the European Investment Bank will also offer loans to help boost the Egyptian economy and create jobs for youth.

For his part, Polish Ambassador said that Warsaw is willing to share its know-how with Cairo to prepare for and monitor the parliamentary elections.

He said that Poland had lived a transitional stage similar to what Egypt is witnessing nowadays.

Poland believes that strengthening the regional dimensions of the EU neighborhood policy should be a top priority during its six-month presidency of the pan-European body, the diplomat said.

Poland intends to organize a high-ranking conference in Warsaw in December to discuss cooperation with countries southern the Mediterranean, as well as challenges facing political, social and economic reforms in those countries, Puchta added.

EGP 2.3bn investments for new development projects
Egyptian Minister of Local Development Mohsen el-Nomani announced on Sunday 3/7/2011 launching new development projects as of July with total investments of EGP 2.3 billion.

The projects, to be implemented nationwide, include power networks, transportation, waste management and flyovers.

"The ministry will coordinate with all ministries concerned so as to start the projects in the services sector as soon as possible," he said.
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