In cooperation with the European Union (EU), Egypt will launch a programme to boost trade and local market in February 2016 at the cost of €20m, Minister of Industry and Foreign Trade Tarek Qabil announced Wednesday.
Qabil explained in a statement that the programme supplements the technical assistance programmes provided by the EU. The programme, which ends in 2018, will focus on providing technical assistance to the sectors of trade and export, as well as the institutions that work in these sectors.
The agreement came following a Wednesday meeting between Qabil and EU Ambassador to Egypt James Moran.
In 2014, trade exchange between Egypt and the EU has amounted to €25.4bn. European investments in Egypt are valued at $38.2bn, distributed over 6,000 projects.
Earlier this month, Moran signed a grant agreement with the Egyptian Ministry of Housing to provide €32m towards the “Kafr El-Sheikh Wastewater Expansion Programme” in Egypt.
“Approximately 30,000 jobs are to be created during the construction of these systems; all in all this is making a significant contribution to stability and to future economic prosperity and above all the welfare of the Egyptian people,” Moran said.
Madbouly said currently the sewage coverage in Egypt is equivalent to 15%, but the government aims to raise the coverage by up to 50% within the next three years.