EU looking to support Egyptian economy

The European Union Commission to Egypt chief Mark Franco said that negotiations between Europe and Cairo were looking positive for efforts to assist the Egyptian economy to the tune of 1.24 billion Euros.

The package would be an additional sum to the 50 million Euros the EU currently gives Egypt annually as part of its aid program.

Franco was quick to point out that the EU would not give Egypt grants, because “Egypt is not a poor country as it has resources,” adding that the North African country is a “partner of the EU and a main player in the region.”

“Boosting partnership with Egypt will sure contribute to solving regional problems,” he said in a joint press conference with Polish Ambassador in Cairo Piotr Puchta, whose country took over the rotating presidency of the EU on July 1.

“The EU works with Egypt to achieve economic development, making it easier for Egyptian products to tap European markets,” Franco added.

Europe is now talking with Egyptian officials on means by which Egyptians can get an easy access to European states as part of a free-movement-in-Europe partnership, Franco said.

Asked about European assistance to Egypt, Franco said the European Commission has allocated a budget for North Africa and the European Investment Bank will also offer loans to help boost the Egyptian economy and create jobs for youth.