2.5 billion pounds in European aid to modernize Egyptian industry

Two aid agreements worth 2.5 billion Egyptian pounds were signed yesterday between Egypt and the European Union.

The first agreement will finance a program to modernize Egyptian industry, while the second is to finance private sector reform.

Christian Folofeski, ambassador of the European Union told ArabicNews.com that this is considered the largest amount that the European Union has agreed to pay for such a project, as industrial development is considered one of the main pivots of the economic reform policy upon which the Egyptian government has been engaged in since 1988.