11 October 2013

Egypt: Govt Does Not Need IMF Loan - Minister

Trade and Industry Minister Mounir Fakhri Abdel-Nour held a session of talks with Polish Ambassador to Egypt Piotr Puchta to discuss ways and means of boosting trade and investment ties between the two countries.

The two sides also discussed the future of bilateral economic cooperation.

In a statement Thursday, the minister underlined the need of increasing the volume of trade exchange between Egypt and Poland.

The volume of trade exchange between the two countries increased by 8.6 percent over the last six months, he pointed out.

Taking about Egypt's stance toward the loan of the International Monetary Fund (IMF), Abdel-Nour said that the government is keen on enhancing ties with all the granting institutions but it does not need it at the current time due to the Arab aid package provided to the country.

The aid packages will be used to develop the industrial areas in Egypt, he said, adding that the government will provide support to the labor-intensive projects in a bid to create more jobs and curb unemployment.

For his part, the Polish ambassador, said that his country is keen on promoting ties with Egypt, which he termed as a pivotal state in the region.

Egypt is also considered the first trade partner for Poland and is Poland's gate towards Africa and the Middle East, he further said.

The Polish government supports Egypt during the current transitional phase, he added.

The ambassador invited the Egyptian government and Businessmen to take part in the national conference, which will be held in Warsaw in November.

The conference will be an opportunity to exchange viewpoints on the current situation in Egypt and the future of economic ties between Egypt and Poland and the European Union (EU) countries, he concluded.

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