Egypt's foreign debts decrease by $100 million a year
Egypt, Economics, 6/11/2001

Egyptian Minister of Planning and International Cooperation Ahmed Al Darsh said the annual service of Egypt's foreign debts will witness a remarkable decline by $ 100 million to total $ 1.3 billion.

In a press interview, the minister attributed this decline to a cut in the volume of the foreign debts to about $ 26 billion.

"The government doesn't allow an increase in the figure, on the contrary it works to get it down, but a decision was taken not to borrow money up to $ 1.5 billion a year in the form of soft loan or grants," he added.

He denied reports that foreign circles refused to lend money at low interest rate and a long grace period, asserting that the government gets loans on these conditions from the African Development Bank, some Arab funds, European Union, the U.S.A. and Japan.

Al Darsh praised the Egyptian-EU partnership which helps in transforming advanced technology in a way that enables the economy to make big strides.

He regretted the world's unsuccessfull attempts and efforts to clear Egypt's desert from mines planted over an area of 2.750.000 feddans.

Previous Stories:
  Egyptian-Jordanian nuclear cooperation activated   (6/7/2001)
  Cairo, Amman sign gas line agreement   (6/6/2001)
  Kuwait to buy from Egypt Amoun defense system   (6/6/2001)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search