James Moran, Ambassador of the European Union to Cairo said the EU is awaiting the end of Egypt’s transitional period to offer more economic support.
Speaking during his keynote speech at Euromoney’s 19th Annual Conference held in Cairo on Monday, Moran added the EU is monitoring developments as regards Egypt’s democratic process so as to offer an economic aid package for the ailing economy.
The EU had suspended its aid program to Egypt following the military-led ouster of Islamist president Mohamed Morsi last July.
According to Moran, a new government will be elected over the coming months and a vote on the constitution will be made in Egypt, which will likely revive the country’s economy.
Legal certainty is required for investment, Moran said, adding “get politics right and business will follow”.
Moran had also praised the efforts exerted by Dr. Hazem el-Beblawi’s interim government to restore the investors’ confidence in the Egyptian market, stressing the necessity to adopt clear vision and solutions to the pending investments disputes.
The ambassador expected an increase in the number of European investors in Egypt next year. He stressed the EU’s keenness on Egypt’s stability and progress, as it sees Egypt as a long term partner. Moran also said the EU is working with Egypt’s energy ministry on new energy strategies.
