Turkish Investments In Egypt Focus On Social Housing, Transport

Egyptian Minister of Planning and International Cooperation, Ashraf Al Araby, said the ministry initially agreed with the Turkish side on the targeted fields, to which the Turkish investments will be oriented. These fields are the social housing, transport, recycling solid wastes.

On the sidelines of the conference of the ministry of planning and international cooperation, the minister said these projects will be mutual; referring that the state is aiming at encouraging the investments in the coming period to fill the financing gap between the 6% savings rate and the 11% investment rate, besides resolving the unemployment, which reached 13%.

He added that a permanent headquarters for European Bank for Reconstruction and Redevelopment (EBRD) in Cairo will be inaugurated in 2013. The state is targeting to become the third client in the bank with three years, after Soviet Union and Turkey; with Euro 2 billion developing process volume.

The investments announced by the European Union (EU), Euro 5 billion, include loans for a number of projects in different fields.