EU to Provide USD 6.5 Billion to Egypt

The European Union (EU) will provide more than 6.5 billion dollars in forms of grants and soft loans with long grace periods to Egypt during the fiscal year 2012/2013, once Egypt has signed its agreement with the IMF, the Federation of Egyptian Chambers of Commerce (FEDCOC) said on 17/01/2013. Chairman of the Federation Ahmed El Wakeel called for swift negotiations for liberalizing of the service trade and the free trade agreement between Egypt and the EU.

Wakeel asserted that the EU is one of Egypt's key partners, citing that 80% of the foreign investments into Egypt comes from the EU, making up over 40% of the total direct European investments to the Mediterranean region. The agreement was made during a recent meeting with EU Chief Herman Van Rompuy, the FEDCOC said in a statement. Rompuy had underlined Egypt's pivotal role in the stability and development of the Middle East region. He said that Egypt earns the respect and appreciation of the whole world.