Egypt committed to carry out integration programs between market in north and south Mediterranean
Egypt, Economics, 4/11/2001

Egyptian Prime Minister Atef Ebeid stressed the importance of holding the meeting of the Board of the European Investment Bank in Cairo, particularly following the initialing two months ago of the Egyptian-European Partnership Agreement.

Ebeid renewed Egypt's commitment to carry out programs to realize integration between the Egyptian market and the market in the north Mediterranean.

Ebeid said that the aim of Egypt is to realize sustained economic development through peace and political stability.

"Peace is the strategic goal of policy-makers in Egypt," Ebeid said. It is also the aim of the Egyptian people.

"Peace means building, prosperity and hope in a better future for the Egyptian people," Ebeid said.

War means destruction, misery and inability to make progress.

Ebeid stressed that Egypt intends to pursue its main role which aims at realizing a just and permanent peace in the Middle East area.

Ebeid said that maintaining internal stability comes at the top of the government's priorities which are represented in curtailing poverty through the improvement of educational services and providing loans for individuals and supporting democratic practice and political institutions such as parties and free press and a just, free and independent judicial system.

Among the priorities of the government is to create a proper climate to attract the investments of the private sector through stabilizing the overall economic system and its liberalization, providing incentives and modernizing the infrastructure.

"It is the aim of the government to encourage direct foreign investments," Ebeid said.

He said that the People's Assembly will approve draft laws to set up new free zones and this would provide better opportunities for investments.

"The government seeks to extend financial incentives and set up an administration at a high level of efficiency in free zones which will be situated in geographically strategic locations," Atef Ebeid said.

"The government aims at providing an infrastructure at a high level in the free zones and cheap labor which could be trained. Land at a cheap price could also be provided," Atef Ebeid said.

"The government should continue to borrow from international financial institutions, foremost among which is the European Investment Bank," Ebeid said.

Among the priorities of the government is to provide the basic infrastructure and giant projects which aim at increasing exports, such as building gas pipelines, the modernization of existing airports and building new ones.

It is also among the government's priorities to support small and medium projects through providing the necessary loans, the development of manpower resources and encouraging the necessary loans, the development of manpower resources and encouraging the private sector to invest particularly in the field of environment protection.

He underlined the depth of historic relations between Egypt and Europe and hoped that the European Investment Bank would earmark five billion Euro for Egypt in the coming five years.

He called for setting up a fund for technical support to finance joint Egyptian-European investments and exports to Europe and to strengthen the ties of partnership between Egypt and Europe.

On his part, EIB President Phillipe Maystadt said the policy of the bank is based on beefing up cooperation with Mediterranean countries, particularly Egypt.

He said the Bank will study the possibility of funding an underground metro project in Cairo and Alexandria, adding that the project matches the Bank's priority of financing environment friendly enterprises.

"Cooperation with Egypt dates back to 1970, "Maystadt said, adding the EIB had allocated 2 billion Euros for that end since 1978.

He reviewed the countries benefiting from the Bank's funding of their projects, saying Turkey was the country which made the best use of EIB funds in financing its projects.

The Bank offers loans which could be repaid over a long period of up to 20 years, with a low interest rate.

Previous Stories:
  LE 2300 million in next Budget for youth jobs in all governorates   (4/10/2001)
  European Investment Bank extends two soft loans to Egypt   (4/10/2001)
  Direct telephone contacts between Egypt, Sudan   (4/9/2001)

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