Tuesday, May 5, 2009

Egypt: Mubarak, Sarkozy seek developing Union for Mediterranean working mechanisms

Egyptian and French Presidents; Hosni Mubarak and Nicolas Sarkozy respectively, give top priority to developing working mechanisms of the Union for the Mediterranean to include economic activities, particularly infrastructure projects, to serve the march of development in the union's member states, Minister of Trade and Industry Rasheed Mohamed Rasheed said Saturday 2/5/2009.

Mubarak and Sarkozy, who co-chair the union, are keen on putting in place funding mechanisms for vital projects that will promote cooperation between northern and southern Mediterranean countries, Rasheed said at the inauguration ceremony of the first French Chamber of Commerce headquarters in Alexandria.

Rasheed expected growth rates to recede in many countries to an unprecedented level.

The impact of the international economic crunch has been muffled by the Egyptian government's early intervention, he said.

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