Sharaf: IMF to support Egypt’s infrastructure projects

Prime Minister Essam Sharaf said the IMF has decided to provide aid to Egypt to support infrastructure projects, without mentioning the aid's value or when it will be disbursed.

Mahmoud Eissa, Minister of Foreign Trade and Industry, said in a statement delivered on behalf of Sharaf during the Euro-Mediterranean Business Summit, held in Alexandria on 21 and 22 September, that Egypt is awaiting the implementation of financial commitments announced during the Group of Eight meeting in Marseille earlier this month.

He added that these includes US$38 billion to help Egypt, Tunisia, Morocco and Jordan.

The statement mentioned Egypt is moving forward in terms of developments aimed at creating a democratic system, promoting transparency and social justice, and providing welfare for all Egyptians. It added that the government faces many challenges and difficulties, including the improvement of education quality and linking it to the requirements of the labor market, as well as creating a suitable environment for investment.

Sharaf stressed in the statement that Egypt is committed to all the international agreements, and looks forward for more support from its partners during this critical phase.

European Union representative Natalia Nikolova announced during the summit that the European Commission has allocated $2.5 billion to the southern Mediterranean countries, including Egypt, to support press freedoms and the establishment of a number of small projects.

Translated from the Arabic Edition

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