$1 billion from European Union to Egypt to prepare for free trade

Ambassador Gamal Bayoumi, the assistant Egyptian foreign minister, said on his return from participating in the international meeting of the Mediterranean countries that Europe has decided to present more than $1 billion to Egypt to finance a program to modernize its industries beginning this year.

He said this amount has never been offered before to any country outside Europe, adding that the target is to raise the abilities of Egypt's industry before implementing the policy of liberating trade in 10 years, in 2008

He said his meeting on Tuesday concentrated on economics and on the effect of a united Europe on trade and capital transfer in the southern Mediterranean countries, comprising eight Arab countries: Egypt, Syria, Lebanon, Libya, Algeria, Tunisia, Morocco and Palestine.