Turkey presents a financial package of $2 billion to Egypt

Turkey and egypt agreed here on Saturday on a financial package of $2 billion that would be provided by Turkey to assist the Egyptian economy. This came in talks held here today between Turkish Deputy Prime Minister Ali Babacan and dr.Essam Al-Haddad, the assistant President of Egypt for External Relations and International Cooperation, ,said Egyptian Minister of Finance Dr. Mumtaz Al-Saeed. During the meeting, they discussed developments in both countries, commercial relations and investment opportunities, said the Egyptian Finance Minister. Dr. Mumtaz Al-Saeed noted that the talks also dealt with the economic developments in Egypt and Turkey, and ways of boosting cooperation between the two countries in all fields, especially in the development of trade, and to maximize opportunities for Egyptian exports to Turkey, as well as investment opportunities available to the Egyptian economy. He pointed out that some 15 projects were offered to the Turkish side with the Egyptian government wish to establish via partnership with the private sector, with investments exceeding 5.8 billion dollars in a number of industrial sectors and service most notably the development and expansion of the port of Safaga industrial and developing a number of hospitals and roads. For his part, Egyptian Minister of Planning and International Cooperation Dr. Al-Ashraf Arabi , who participated in the talks, has presented his country's economic development plan for this year,2012 and which he said aimed to attract 171 billion pounds, about $ 30 billion, to contribute to achieve a growth rate exceeding 5.4%, contributing to absorb part of the unemployment , which registered a 13% rate last month.