EU increases financial assistance to nearby countries

The EU made a U-turn in its policy to its nearby countries by releasing the document “A New Response to a Changing Neighbourhood”. Among the 16 listed EU neighbours are Algeria, Azerbaijan, Egypt, Georgia, Israel, Jordan, Morocco or the Palestinian Territories. They offer to give more aid to those moving faster towards democracy.

From now on the EU intends to support the states which reform take reformative actions in politics and economy towards a free country. The Union will track the progress of each and will decrease funding in case the country does not pursue its way to democracy. As the EU had allied too long with despots in order to fight extremism, they now want to stand up against repressions. European Union Commission president Jose Manuel Barrosa stated “Europe is bidding to open a new chapter carrying a heavy burden from the past”. In total, the EU will assist their neighbouring countries with almost 7 billion Euros.

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    German-Arab Chamber of Industry and Commerce
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    British Egyptian Business Association
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    French Chamber of Commerce in Egypt
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    Delegation of the European Union to Egypt
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    Italian Chamber of Commerce in Egypt