Egypt: Morsi greats EBRD boss
Morsi has received a delegation from the EBRD
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President Mohamed Morsi received on Tuesday 30/10/2012 President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti.
The meeting was attended by the director of the operations for south and east Mediterranean and the executive director who is representing Egypt and Korea, minister of planning and international cooperation Ashraf el-Arabi and Secretary of the President for foreign affairs Khaled al-Qazzaz.
Following the meeting, the Presidential Spokesman Yasser Ali said the EBRD President confirmed the bank willingness to orient investments to Egypt, out of the bank willingness to support the Arab Spring States.
The Spokesman said that President Morsi spoke about the march of democratic fiefdom in Egypt, the accomplishments achieved in the political and security field in preparation for maintaining stability in Egypt, means of enhancing democratic establishments and bolstering Egyptian economy infrastructures to enable it of confronting the difficulties it is currently facing.
Ali said that Suma said there is sincere willingness to invest in Egypt in order to give a hint to investors all over the world that conditions in Egypt are stable.
Prime Minister Hisham Qandil met on Tuesday 30/10/2012 the EBRD President discussed the future of cooperation between Egypt and the bank.
Cabinet Spokesman ambassador Alaa al-Hadidy said the EBRD aims at offering loans wroth €2.5 billion to Egypt, Jordan, Tunisia, and Morocco next year. He said of this sum, €1,250,000 will be appropriated for Egypt.
Hadidy said the meeting touched on the sectors of the EBRD President is interested in, such as developing Small and Medium Size enterprises, renewable energy and water desalination.
Meantime, Minister of Finance Momtaz el-Saied said in exclusive statements to al-Ahram that the International Monetary Fund (IMF) is keen to provide the necessary support for Egypt at the present time, dismissing as incorrect reports, which spoke about secret conditions in negotiations with the international monetary fund IMF mission.
El-Saied said the IMF mission will discuss the details of the Egyptian economic and social reform programme in the coming two weeks and the challenges facing the country such as banning increase of the budget deficit, securing subsidy for the targeted sectors mainly energy support adding 60% of this subsidy goes to non targeted brackets.
The minister said according to the IMF estimates, the government can pare down the budget deficit to 10% of the gross domestic product to 10% in the current fiscal year 2012/2013 if it carried out the IMF prescription.
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