Egypt, Spain sign agreements on bilateral cooperation
Egypt's Prime Minister Atef Ebeid and his Spanish counterpart Jose Maria Aznar attended late Monday the signing of two agreements on promoting bilateral cooperation in the fields of tourism and small-scale projects.
The tourism agreement was signed by Minister of Tourism Mamdouh El-Beltagui and the Spanish Minister of state for tourism and trade.
The second agreement was inked by Chairman of the Commercial International Bank (CIB) Mahmoud Abdel Aziz and a Spanish official on behalf of the Spanish agency for international cooperation.
'This agreement is the first Spanish loan for promoting small-scale project in Egypt,' said an official source in the Cabinet.
The official added that the ten-year $10 million loan is allocated to finance small and micro projects through Non-Governmental Organizations (NGOs).
Ebeid held talks with Aznar at the Cabinet premises on boosting bilateral cooperation in the economic and trade domains as well as means to augment trade exchange and investments between the two countries.
Ebeid-Aznar talks tackled promoting bilateral cooperation via joint committees, said Minister of Information Safwat A1Sherif.
He added that they also dwelt on cooperation in the fields of energy, railways and other sectors.
'Aznar is being accompanied by 50 businessmen, an indication of Spanish interest in investment in Egypt,' said Sherif.
He added that the two sides agreed to augment their trade exchange volume via the private sector and joint chambers of commerce.
'An agreement was also reached on holding continued meetings between businessmen from both sides on boosting cooperation in the fields of tourism and petroleum,' Al-Sherif said.
'Egyptian-Spanish oil cooperation hits as high as $ 1.7 billion,' said Sherif. He added that Spain imports 30 % of its natural gas needs from Egypt.
'Egypt's initial of the partnership pact with the EU would enable Spain to contribute to the modernization process of Egyptian industrial installation,' Al Sherif concluded.