|
COUNTRY PROFILES
egypt
Egypt – background information
General Information on Egypt
The Arab Republic of Egypt’s economy has made remarkable progress
in the 90’s. The comprehensive economic reform and structural
adjustment programme launched in 1991 under guidance from
the World Bank and the IMF, created macro-economic stability
and the basis for extensive economic liberalisation and privatisation.
Foreign direct investment into Egypt is substantial but far
lower than required to meet Egypt’s GDP growth targets. Egypt’s
ambitious 20-year socio-economic development plan aims for
7,6 % GDP growth (cf. 3,3 % in 2001) and the creation of 500.000
new jobs per year. Oil and gas revenues have risen substantially.
In foreign relations Egypt has re-established its key regional
role as an important player in the Middle East Peace Process
and has made a conscious decision to improve its relations
with Africa, and to balance its relations with Europe.
The long negotiations for a new EU-Egypt Association Agreement
were effectively concluded in June 1999 when both parties
closed all outstanding positions. The Agreement was signed
on 25 June 2001 in Luxembourg and will come into force when
it will have been ratified be the Egyptian, the European,
and Member State Parliaments. Egypt has been a major beneficiary
of EU financial co-operation. The framework of co-operation
with Egypt is divided into two periods. The first period (1977–1995)
was covered by a series of four bilateral protocols. The second
period (from 1996) is covered by the MEDA programme.
Four major programmes funded under the substantially increased
MEDA budgets (615 million €). The priorities will be to support
the implementation of the EU-Egypt Association Agreement and
to maintain the balance between economic and social development.
[1,9,11]
|
