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EU offers 129 mln euros to support Egypt's development

Xinhua, October 11, 2016 Adjust font size:

The European Union (EU) on Tuesday announced its financial support for Egypt to the tune of 129 million euros (143 million U.S. dollars), according to a European Commission statement.

Johannes Hahn, Commissioner for European neighborhood policy and enlargement negotiations, and Sahar Nasr, Egyptian minister of international cooperation, signed a financial assistance package to support Egypt's development.

The package is comprised of six financing agreements with a focus on improving the quality of life of Egyptian citizens, supporting priority projects in the field of renewable energy and agricultural drainage.

It also includes support for ongoing reforms in the energy and water sectors.

At the signing in Cairo, Hahn said: "This package of financial assistance clearly underscores the EU's strong support to the Egyptian people. It will boost socio-economic development and improve the living conditions of Egyptian citizens." Endit