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17:16 GMT
CAIRO, July 6 (KUNA) -- Egyptian Minister of Industry and Foreign Trade
Samir Al-Sayad asserted Wednesday that the European Investment Bank (EIB)
mulls increasing joint cooperation with the Egyptian government, and tapping
into all opportunities and potentials provided by EIB for the benefit of the
Egyptian economy.
Al-Sayad told reporters, following his meeting with a delegation led by EIB
Deputy Director General of Operations outside of the EU Claudio Cortese, the
talks with the EIB side dealt with ways of subsidizing the Egyptian economy,
and expanding EIB activities inside Egypt in the coming period.
He added that EIB discusses the potential of financing projects in the
domains of renewable energy, infrastructure, local manufacture of output
tools, besides offering technical assistance to redistribute industries all
over the country, and put an end to the industrial conurbations in Cairo and
Alexandria, and the technological incubators program in order to encourage
innovative youth to embark upon private enterprises.
He also said that the meeting tackled making use of EIB expertise in
subsidizing the Egyptian export system through setting up logistical areas,
roads, warehoues, and navigational routes linking Egypt to important world
ports in what increases the country inter-trade with various world regions.
On his part, Claudio Cortese asserted that EIB keenness on offering various
kinds of direct and indirect support to the Egyptian economy, particularly in
the fields of industry and trade through providing loans, technical
assistance, and expertise.
EIB allocates 20 percent of its budget for subsidizing industry, and it
currently bankrolls a number of projects in Egypt including two projects for
producing power from wind in Suez governorate. (end)
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KUNA 062016 Jul 11NNNN