EU to contribute to industry modernization program
Egypt, Economics, 5/13/2002

The European Union will extend to Egypt a loan of 250 million euros (about one billion pounds) to help implement a 4 year plan to develop and modernize Egyptian industry.

Minister of Industry Ali Saidi said Egypt will provide about 103 billion euros.

The Minister, in a statement before the People's Assembly Sunday in reply to questions tabled by deputies, said that the national plan aims at raising the contribution of industry to General National Product (GNP) from 20 to 50 per cent and attract new investments and technology to the industrial sector.

Moreover, Minister of Foreign Trade Youssef Boutros Ghali said Egypt's imports decreased by 8 per cent over the past three years as trade balance deficit shrank to 13 per cent.

Addressing the economic committee of the People's Assembly on Sunday night, Ghali said the value of Egyptian imports went down to 15 billion dollar.

The Minister said Egyptian producers of ready-made garments pledged to export at least $ 8 billion worth of clothes over 3 years.

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