Egypt’s Minister of Trade and Industry Amr Nassar has revealed that the European Union (EU) is funding development projects in Egypt at an annual coast of EUR 1.1 bn (EGP 19.91 bn), Ahram Online reports.

Egypt-EU trade volume forms about 30% of its global merchandise trade, the minister added during the closing ceremony of the EU-funded Trade and Domestic Market Enhancement Programme (TDMEP) on September 15.

“The TDEMP had contributed to enhancing essential reforms in the Ministry of Trade, which included launching the trade and industry strategy 2016-2020, supporting the industrial licenses law, and determining the priority production sectors in accordance with the Protocol on Conformity Assessment and Acceptance of Industrial Products,” Nassar highlighted.

“The program also paves the way for improving structural strategies in cooperation with the private sector and drafting the national quality strategy for Egypt’s industry,” he further stated.

Meanwhile, Ibrahim Al Afia, head of the EU’s cooperative sector of the delegation to Egypt, asserted that the union is the main trade partner and investor in most Mediterranean countries.

“TDMEP, which is funded by the EU with EUR 20 mn (EGP 361.92 mn), has achieved tangible outcomes for Egypt’s economy. It is committed to offering technical support for Egypt’s trade ministry and has contributed to developing an integrated strategy boosting key industrial sectors in Egypt, at both international and regional levels,” Al Afia elaborated.

Head of the Developmental Projects Council in the Ministry of Trade Sherin Khalaf emphasized that the ministry will start the second phase of TDEMP by 2021. In addition, Egypt has reached an agreement with the EU to provide funds to help prepare for the second phase.