L.E. 5 billion soft loans allocated to small size enterprises
Egypt, Economics, 3/8/2002

Egyptian SPrime Minister Atef Ebeid said that Egypt has realised huge achievements in the field of oil and natural gas.

Finds in the past two years provide an oil and natural gas wealth of a value of nearly 29 billion dollars, after deducting local consumption.

This wealth surpasses Egypt's total external debts, he said.

Addressing Wednesday a popular rally at Baltim, Kafr el Sheikh governorate, the Prime Minister said that Egypt is on the road of realizing self-sufficiency in important crops.

Work is in progress to raise the agricultural area to 12 million feddans. Modern techniques will be used to increase production, per feddan.

Ebeid said that foreign markets will soon receive Egyptian agricultural exports, particularly medicinal herbs and fresh, frozen and canned vegetables.

The value of these exports is expected to reach 4 billion dollars.

Referring to huge achievements in the field of communications, he said that by the end of this year the total capacity of telephones will rise to 6 million lines. The mobile telephone service will be expanded.

The Prime Minister said that plans are being carried out to develop and rejuvenate 14,000 factories.

He referred to the signing of a partnership agreement with the European Union which will enable Egypt to enter European markets.

Reviewing plans to increase the income of families, particularly those of limited income, the Prime Minister said that 800,000 job opportunities are being made available for graduates annually.

Measures are also taken to stabilize prices, particularly those of basic commodities, and subsidize exports to increase the country's revenue of foreign currency.

More efforts are being exerted to open new markets for Egyptian exports.

The Social Development Fund will provide one billion pounds annually to be advanced in loans to individuals, at the rate of 10,000 pounds each, who wish to start small projects in the fields of agricultural production and poultry and animal breeding in rural areas.

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