Press Release: EU-Egypt: Commissioner Ferrero-Waldner presents EUR 558 million assistance package during her visit

Commissioner for External Relations and the European Neighbourhood Policy, Benita Ferrero-Waldner, is presenting in Cairo on 26 February 2007 the assistance package that the Commission is proposing for Egypt under the European Neighbourhood Policy (ENP) over the next four years. The focus of the package is to support the reform process and the implementation of the EU-Egypt ENP Action Plan which will be adopted during the EU-Egypt Association Council meeting that will take place in Brussels on 6 March. The Action Plan sets out the priorities for co-operation in a wide range of sectors jointly agreed between the EU and Egypt. These are based on Egypt’s own reform agenda in the economic, social and political areas. This €558 million package, which includes €58 million in interest rates subsidies that could attract in addition an estimated amount of €250-300 million in loans, announced during the Commissioner's visit to the country, demonstrates the EU's commitment to support Egypt in its national priorities and reforms. Egypt is one of the main beneficiaries of EU support in the region and the EU is the second largest donor to Egypt.