EU to lend €36 million to Egyptian tech business
The European Investment Bank, the European Union's financing institution, announced Tuesday, April 3, it is finalizing a deal here to lend more than €36 million to Egypt to support business and technology.
The EIB is "signing over 36.44 million in financing facilities to support small and medium sized industry and technology projects and for environmental feasibility studies in Egypt," the bank said in a statement.
"The financing arrangements are being concluded during an official visit by the EIB's Board of Directors to Cairo, which signals the importance the EIB attributes to the Euro-Mediterranean Partnership and its activities in Egypt," it said.
A press conference is to be held here Thursday announcing the financing agreements.
On January 26, Egypt and the European Commission initialed an association agreement that has been under negotiation for more than five years, which calls for greater economic cooperation and trade liberalization.
It remains to be ratified in Cairo and all 15 EU members.
The European Union has been concluding association agreements with its Mediterranean neighbors as part of the Euro-Mediterranean Partnership program, launched in 1995.
EIB President Philippe Maystadt and other top managers are in Cairo to hold a regular board meeting and to discuss EIB activities and future financing with Egyptian government and business leaders, the statement said.
The Luxembourg-based EIB is the long-term lending institution of the European Union — (AFP, Cairo)
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