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FINANCIAL NEWS
Egypt receives $848m grant from EU
12 Oct 2010
(MENAFN) The Egyptian government said in a statement that it has received an $848 grant from the European Union to be spent between 2009 and 2013, with most of the money to be spent on economic and social development projects, Reuters reported.
Egypt’s Prime Minister Ahmed Nazif said at the signing ceremony in Cairo that an Egyptian-European partnership agreement, which came into force in 2004, had led to a surge in investment and trade with the EU.
Of the total grant, $625 million will go to help boost Egypt’s economic and social development, while a further $153 million will support the country’s health sector.
Smaller amounts will be used to help alleviate poverty and improving electricity supply.
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