EU Ratifies 3 Developmental Ventures in Alexandria, Fund Reaches EGP234 Mln

Ahmed Al Wakeel, Deputy Chairman of (ASCAME), Association of the Mediterranean Chambers of Commerce and Industry, has announced that the European Union approved three new ventures in Alexandria in addition to the five ventures that had been approved before. And the total fund of all these ventures exceeded EGP 234 million.

The ventures would be implemented by Alexandria Chamber of Commerce, Federation of Egyptian Industries (FEI), Arab Academy for Science, Technology and Maritime Transport, Eurochambres and German-Arab Chamber of Commerce, in association with the specialized chambers and authorities in Italy, Spain, France, Greece and Portuguese in the fields of industry, tourism, food production, solar energy and waste treatment.

Al Wakeel added that these ventures are financed by the Mediterranean Basin Hotspot Program, which is an affiliate of the Cross Border Cooperation (CBC). The progrom follows the mechanism of neighborhood and European partnership that aim to develop the cooperation between these Mediterranean areas.

Dr Alaa Ezz Amin, General Secretary of the Federation of Egyptian Chambers of Commerce, elaborated that the program’s administration received more than 3000 initial studies for the ventures from 14 states of the White Sea.  After the final assessment, the best 19 ventures from 14 states were selected, 3 of them would be carried out in Alexandria.

He confirmed that they seek to reactivate the cooperation with regional as well as bilateral sectoral ventures of the EU so as to develop the economic cooperation with the first commercial, investing, technological and touristic partner to Egypt; the EU.