€500mn allocated for Egypt-EU 4-year plan: PM

Egypt’s Prime Minister Moustafa Madbouly said on Sunday €500 million have been allocated to put into force a cooperation plan between Egypt and the European Union over the coming four years.

Focusing on Egypt’s economic priorities, the plan covers several fields, including transport, infrastructure, environment, renewable energy, social protection, small enterprises, and expertise exchange areas, Madbouly said, in a speech delivered on his behalf by Investment Minister Sahar Nasr to the fifth Euro-Mediterranean Finance Conference.

Madbouly described the EU as Egypt’s most important partner in various economic, trade, tourist, educational, and research fields, through joint projects implemented in cooperation with the government and the private sector.

Egypt is implementing radical changes with the aim of becoming one of the most attractive countries for foreign investment, the prime minister said.

He hailed the private sector as a main partner for the government.

The government, in cooperation with its development partners and banks, has provided small and medium-sized enterprises with over $23 billion funds, the prime minister said.

The Euro-Mediterranean region is facing joint challenges, which require regional and international cooperation to face them, he underscored.

Source: MENA