EU to Continue Aid to Egypt

James Moran, ambassador of the European Union to Cairo said the EU would continue to provide aid to Egypt, ruling out any suspension. He added that an aid program would be announced in the future.

Moran pointed out that the EU aid projects in Egypt totals 1 billion euros, in sectors including health, education and energy as well as other areas.
On November 11, Moran had said the EU is awaiting the end of Egypt’s transitional period to offer more economic support. Speaking on the sidelines of Euromoney Conference held in Cairo, Moran added the EU is monitoring developments as regards Egypt’s democratic process so as to offer an economic aid package for the ailing economy.
According to Moran, a new government will be elected over the coming months and a vote on the constitution will be made in Egypt, which will likely revive the country’s economy.
Legal certainty is required for investment, Moran said, adding “get politics right and business will follow”.
The ambassador expected an increase in the number of European investors in Egypt next year. He stressed the EU’s keenness on Egypt’s stability and progress, as it sees Egypt as a long term partner. Moran also said the EU is working with Egypt’s energy ministry on new energy strategies.