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In the framework of Egyptian –European partnership, Egypt began to implement the modernization program since 2002/03. The program aims at increasing the competitiveness of the Egyptian product to integrate the country into international economy. Another goal is creating more job opportunities and increasing the national income due to the increase of industrial exports volume.
The modernization program costs 437 million euros, the European Union contributed 250 million euros or 59 percent of the total cost. The program has benefited 430 industrial facilities during the first three years. The Egyptian Modernization Industry Centre has assumed the full supervision on implementing the program since 2005/06. The centre succeeded in implementing the program in 3400 facilities within the modernization plan. The volume of financing to the modernization activity reached 146 million euros during this year, while 145.6 million euros were allocated to finance the Egyptian modernization program during 2006/07 to reach 7300 facilities benefited from the program.
The centre of Modernization the Egyptian industry made a protocol to the program of financing industry in cooperation with the Union of Industries and banks to pump LE 70 billion to finance the Egyptian industry to participate in implementing the 1000 factories program during 2005/2011, that participate in rising the industrial growth rate from 5 percent to 9 percent within this period and increase the new direct job opportunities to 1.5 million. The job opportunities increase from 2.4 million to 3.9 million. The industrial exports increase from LE 18 billion to LE 42 billion within the mentioned period.
The year 2007 witnessed the establishment of 100 Turkish factories in Egypt by investments of $ 200 million. It also witnessed the establishment of IFAD Copan Group as well as the banking activity
Besides, 2007 witnessed the announcement of assigning 1 million m2 in the 6th of October City to establish an industrial Turkish zone including 140 factories.
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