417 million euros to support Egyptian industry

Gamal Bayoumi, Egypt's assistant foreign minister for European affairs, stated that the European Union agreed to grant the Egyptian industry 417 million euros.

He referred in a statement before the foreign affairs committee in the People's Assembly under the chairmanship of Mohamed Abd El-Elah that the European Investment Bank will grant this sum to support Egyptian industry and finance private sector factories through Egyptian banks, which provide loans with subsidied interest from the government so the interest rate reaches 7%.

Bayoumi said that in the framework of the Egyptian - European partnership a donation will be presented to Egypt of 800 million pounds to support the fabric and textile sectors in addition to a donation of nearly 155 million pounds for the social fund for supporting small industries.

Adding funds to improve health and a 100 million pounds for the basic education program will be provided.