Europe increases south-mediterranean risk-capital by 22 million euro

The European Commission decided Tuesday to increase by 22 million Euro the risk capital facility earmarked for countries member to the Euro-Mediterranean partnership program "MEDA," the financial arm of the Euro-Mediterranean partnership.

The initiative is meant to enhance these countries' competitiveness and support their privatization programs, the European Commission said in a release

MEDA member countries are Morocco, Algeria, Tunisia, Egypt, Jordan, Lebanon, Syria and Palestine.

The 22 million Euro will be added to 50 millions earmarked for these countries in 2001. An additional 28 millions are on the way, the European Commission said.

Priority will be granted to countries which already signed an association accord with the EU. Only Syria has not yet sealed such an agreement with Europe.

The Euro-Mediterranean partnership provides for the creation of a free trade zone between Europe and south and eastern Mediterranean countries by 2010.