It is the rule of law that guarantees absolute justice and equality. Transparency, accountability and the elimination of corruption are prerequisites for the sound functioning of the market. Reforming the judicial system could guarantee the rapid administration of justice and enhance capabilities of monitoring and control authorities. Such measures will lead to improved economic performance, and will eliminate the corruption and distortions that often accompany rapid economic growth. Egypt does not aim at growth alone, but at overall development.
Society is our resource base and the driving force of development.
With the foundations already established during Mubarak s rule, Egypt will gear its efforts in the coming stage to the wider vistas of development. Most of these funds, according to the report, were either directed to industrial projects or extended as loans to the banking sector, which itself lent this money to medium and small-sized projects. The bank, within the framework of the Euro-Mediterranean Partnership agreement, has allocated 2.3 billion ECU s in the form of grants and soft loans to 12 Mediterranean countries, including Egypt, during two years ending in December 1999. EIB has given Israel 300 million ECU s in financial aid since 1978 through four economic cooperation protocols. EIB s aid to Egypt includes financing a plan by EgyptAir, the national carrier, to buy a new fleet of planes as well as a project to increase production lines in the Alexandria National Company for Steel Rebars and another project to produce waste water pipes in Alexandria.