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PRESIDENT OF THE EUROPEAN CENTRAL
BANK AND HIGH LEVEL EUROPEAN CENTRAL BANKERS VISIT EGYPT
TO SIGN CO-OPERATION AGREEMENT WITH THE CENTRAL BANK OF
EGYPT
12-14 NOVEMBER 2005
H.E. Mr. Jean-Claude Trichet, President of the European
Central Bank, will head a high level delegation from
European Central Banks visiting Egypt from 12th to 14th
November. The European delegation will include the
Governor of the Central Bank of France and the
Vice-President of the Bundesbank. The purpose of the
visit will be to sign a partnership and co-operation
agreement with the Egyptian Central Bank, which will be
funded by the European Union. The signature ceremony
will take place on Sunday, 13th November. Following the
signature ceremony, a press conference will be held at
the Semiramis Intercontinental Hotel (Cleopatra
Ballroom) on Sunday 13th November at 7:00 p.m.
During their visit, the high level delegation will meet
with H.E. Dr Ahmed Nazif, Egyptian Prime Minister, H.E.
Dr. Youssef Boutros Ghali, Minister of Finance, and H.E.
Dr. Mahmoud Mohie El Din, Minister of Investment.
Furthermore, the delegation will exchange views with
other high level officials and with representatives of
the European and Egyptian business community in Egypt.
Created in 1999 by the European Union, the European
Central Bank is in charge of conducting monetary policy
for the Euro area and of ensuring price and financial
stability in the EU. In this context, the European
Central Bank plays a co-ordination role for the National
Central Banks from the Member States of the European
Union.
Under the agreement with the Egyptian Central Bank, the
participating National Central Banks will offer
technical assistance, training and capacity builiding to
the Egyptian Central Bank to develop and implement a
state of the art banking supervision system based on
international standards. Under the agreement, the
European Central Bank will appoint a resident adviser
together with a programme co-ordinator who will be based
in Cairo. Through the programme, staff from the Egyptian
Central Bank will be eligible for traineeships and study
tours in Europe.
The co-operation agreement is expected to strongly
contribute to the stability of the Egyptian banking
sector. The main participating Banks will be Banque de
France, Bundesbank, Banca d’Italia and Bank of Greece.
The agreement to be signed on Sunday is the second
international agreement ever signed by the European
Central Bankand the Eurosystem since their creation. The
first one was signed with the Russian Central Bank two
years ago. Thus, this agreement with Egypt further
confirms the priority given by the EU to its strategic
partnership with the largest Arab country in the
European Neighbourhood.
ENDS
Contact: Germaine Demian
Press and Information Officer
Delegation of the European Commission in Egypt
Tel:3749 46 80
germaine.demian@cec.eu.int
Milojka Saule
Information & Communication
Project Manager
Tel:3749 46 80
milojka.saule@cec.eu.int
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