EU to Offer 5 Billion Euros to Egypt

European Commission President José Manuel Barroso said on 13/9/2012, after meeting President Mohamed Morsi that the EU will offer five billion Euros to back small-sized projects in Egypt, expressing readiness to back the Egyptian public budget with $5.2 billion. President Mohamed said that the EU will boost investments in Egypt until 2013 by 449 million Euros. As for investments in Egypt, Morsi said Egypt has an integrated plan for encouraging investments, adding that the government has conducted feasibility studies for European investment projects in Egypt. The President expressed respect for public freedoms, saying "we have moved from the stage of corruption, dictatorship and forgery to a new stage that guarantees freedoms and democracy to all, respect of rights and circulation of power.

Egyptians, Muslims and Christians, are all equal in rights and duties, Morsi said, expressing respect to all rights of women. Barroso also said he agreed with Morsi to form Egyptian-European groups comprising financial institutions to boost investments in Egypt. He promised that that the EU will continue cooperating with the Egyptian authorities to build a new, free and democratic Egypt. Barroso said he knew that most Egyptians want to achieve economic gains in short term but advised them to be patient because of the many challenges facing their country during the current transitional stage.