Abul-Naga: One billion dollar of Egyptian debts converted into investments
Egypt-European Union, Economics, 6/6/2005

Egypt succeeded in converting $ one billion of its debts to Italy, Germany and Switzerland into investments by the three counties into development projects, International Cooperation Minister Fayza Abul-Naga said Sunday.

Addressing a conference on European Union (EU) mechanisms for financing industry, trade and investment projects, Abul-Naga said that the projects were established in cooperation with investors from Italy, Germany and Switzerland.

She affirmed that the importance of maintaining strategic relations between Egypt and the 25 members of the EU."Such relations are of interest, not only for Egypt, but also for the other countries," Abul-Naga said.

Egypt and the EU agreed to set up later this year joint development projects in Sudan, she added.

Attending the conference were ambassador of the EU in Cairo Klaus Ebermann, several European ambassadors, Chiefs of the Egyptian Business Associations and Senior Egyptian and European businessmen and investors.

The Minister indicated that Egypt is the principal partner of the European Investment Bank which offered Egypt about 2.8 billion euros as loans and grants since 1978.

Ebermann said the EU offers one billion euros to Egypt as grants and technical assistance which the private sector could benefit from.

Previous Stories:
  Rasheed confers with EU envoys on promoting industry and technology transfer   (6/1/2005)
  EU extends one billion euros to Egypt as non refundable grant   (4/8/2005)
  EU approves customs exemption on Egyptian agricultural commodities   (8/17/2004)

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