RIYADH: Financing agreements with the European Investment Bank have hit a significant amount since the beginning of 2022.
In addition, bilateral trade between Egypt and Brazil is set to be exempted from custom tariffs by 2026.
Separately, the European Bank for Reconstruction and Development has revealed a major financing package to back small and medium enterprises in the African country.
Meanwhile, the country launched a production line to manufacture liquid detergents as an alternative to importing them.
·The development financing agreements signed at the beginning of 2022 between Egypt and the European Investment Bank amounted to 300 million euros ($316 million), local newspaper Egypt Today reported, citing the Ministry of International Cooperation. This comes in addition to the two grants from the EU amounting to 24 million euros. The agreement falls in line with Egypt’s vision 2030 which aims to achieve sustainable development goals.
·Most bilateral trade between Egypt and Brazil is expected to be exempted from custom tariffs by 2026, local newspaper Youm 7 reported, citing Brazil’s ambassador to Egypt, Antonio Patriota. This comes as a result of the free trade Mercosur agreement between the African country and countries of the group — including Argentina, Brazil, Uruguay, and Paraguay — which was implemented back in 2017.
·The European Bank for Reconstruction and Development, has unveiled a $25 million financing package to support small and medium enterprises in Egypt in collaboration with the Export Development Bank of Egypt, local newspaper Daily News Egypt reported.
·Egypt has launched a production line to manufacture liquid detergents instead of importing them, local newspaper Youm 7 reported, citing Minister of Trade and Industry Nevin Gamea. This comes as the Egyptian government is keen on providing the necessary assistance to industrial companies operating in the market in order to boost production and export capabilities and creating more job opportunities in the process.