Ebeid to submit report to Mubarak on economic performance
Egypt, Economics, 8/8/2001

Egyptian Prime Minister Atef Ebeid said he would submit a report to President Hosni Mubarak in a week on the outcome of efforts to develop the capital market and measures to attract more investments.

Emerging from a visit to Misr Banque Tuesday, Ebeid said that the government is working on controlling the state budget deficit and luring fresh investments, noting that these steps achieve development at required rates.

"The situation is optimistic in the capital market following application of the new options for more foreign exchange inflow," he said.

The premier affirmed that the gap between the buying and selling prices has shrunk, a matter that indicates a growing confidence in the exchange market.

"There are no red lines on the work of the banking system," he said, adding that the government is playing an assisting role and following up the situation so that the daily economic group meeting would be more capable of taking the right decision.

"The banking system in Egypt comprises 62 banks and is capable of meeting the demands on foreign currency and providing banking services," said Ebeid.

Moreover, the ministerial committee, in charge of following up partnership with the European Union (EU) met under Prime Minister Ebeid yesterday.

The meeting covered a mechanism to modernize industry. Al Sherif said focus in the first stages will be on the textile and spinning engineering and leather industries.

In the period preceding the ratification of the agreement by the People's Assembly, efforts will be made to improve the trade balance between Egypt and European countries by expanding Egyptian exports of agricultural products in addition to competitive goods.

The committee reviewed a working paper related to initiating negotiations with the EU to set up 10 training centers to contribute to the modernization of Egyptian industry.

The EU will finance the plan and will provide equipment and instructors as a contribution to prepare Egyptian cadres to modernize the industry.

Al Sherif said the committee reviewed a working paper on EU participation in nominating European companies that will attend a conference to discuss diversifying the fields of distribution in populated rural areas and cities in a bid to improve services for individuals and small enterprises and the best means of finance.

The Ministries of Foreign Affairs and Economy will follow up the implementation of these proposals.

Youssef Wali, Deputy Premier and Minister of Agriculture and Land Reclamation, and the Ministers of Information, Foreign Affairs, Economy and Foreign Trade, Petroleum, Planning, Communications and Information Technology attended meeting.

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