EU Offers Free Trade Agreement To Egypt, Bolstered By $6.5Bln Loans

During the fiscal year 2012/2013, the European Union (EU) offers more than $ 6.5 billion long-term grants and soft loans to Egypt, parallel to the IMF agreement. It also will review an integrated free trade agreement to develop the Egyptian exports and to attract investments.

This came during the meeting between Herman Van Rompuy, Head of the EU, and the Egyptian European Chambers Federation, in the presence of officials from the Federation of Egyptian Chambers of Commerce, Federation of Egyptian Industries (FEI) and the Egyptian Travel Agents Association (ETAA).

For his part, Ahmed Al Wakeel, Head of the Federation of Egyptian Chambers of Commerce, said the EU Chairman has met the boards of the chambers of commerce, Alexandria Governor, leader of Maritime Forces, Universities’ deans and consuls of European countries.

EU chairman has emphasized that Egypt’s role as a pivotal country affect the stability and development of Middle East region. Van confirmed on the significance of the meeting to perfectly understand the Egyptian European economic relations and challenges they facing, in addition to ways of developing them.

He stressed on creating trust to overcome the current economic crisis, which exacerbates under the political turmoil; therefore the economic file should be taken into consideration like the political one.