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The Mediterranean From Barcelona Back to Barcelona Funding from EMP to ENP to Uf. The Mediterranean From Barcelona Back to Barcelona Funding from EMP to ENP to Uf. M Dr. Alaa Ezz Secretary General CEEBA & FEDCOC

The Tsunami of Funding albeit the Economic Crisis The Tsunami of Funding albeit the Economic Crisis

The Instruments Uf. M 1 (2008 – ? ? ) • ? ? ? The Instruments Uf. M 1 (2008 – ? ? ) • ? ? ? ? ENPi (2007 – 2013) for 9 countries • EC Grants of € 12 billion • EIB loans of € 8. 7 billion and • EIB risk Guarantee of € 1 billion • Neighborhood Investment Fund of € 700 + contributions from MS • Governance Facility of € 300 million • Neighborhood programmes & accession instruments • NIF Leveraging loan resources from European Development Banks (x 4 -5 times) • CBC (including ERDF) € 173 +26. 4 million • Spring Fund € 300 million Meda 2 (2000 – 2006) for 10 countries • EC Grants of € 5. 5 billion • EIB loans of € 6. 4 billion and • EIB risk Guarantee of € 1 billion Meda 1 (1995 – 2000) for 12 countries • EC Grants of € 4. 6 billion • EIB loans of € 3. 4 billion

Origins of ENPI Regulation 1638/2006 of 24 Oct, 2006 EC External assistance: Responding to Origins of ENPI Regulation 1638/2006 of 24 Oct, 2006 EC External assistance: Responding to the call for simplification … From 2007 Policy driven instruments: ► Instrument for Pre-Accession Assistance (IPA) Before 2007 ► European Neighborhood and Partnership More than Instrument (ENPI) 30 ► Development Cooperation Instrument instrument (DCI) s for ► Economic Cooperation Instrument (ECI) delivering ► Instrument for Nuclear Safety Cooperation external (INSC) relations ► Human Rights Instrument assistance Crisis response instruments: ► Humanitarian Aid Instrument ► Macro-financial Assistance ► Instrument for Stability

ENPI EC financial support MEDA has most of ENPi Previous funding (2000 -2006) Present ENPI EC financial support MEDA has most of ENPi Previous funding (2000 -2006) Present funding (2007 -2013) ► Commission proposal: EC budget: nearly € 15 bn ►Total: € 8. 3 bn ►End ►MEDA € 5. 5 bn ►TACIS € 2. 3 bn result: nearly € 12 bn, ► Thematic Programmes 45% increase in € 0. 5 nominal terms and 32% in real terms ► Plus € 300 million SPRING FUND 11. 2 M€ ENPI & 0. 8

EU financial Support Same for EIB lending (2007 -2013): ► Overall figures for the EU financial Support Same for EIB lending (2007 -2013): ► Overall figures for the new mandate includes very substantial increase for 2007 -2013. Ceiling for external lending mandate for ENPI is € 12. 4 bn. (Mediterranean: € 8. 7 bn / East: € 3. 7 bn) ► Closer cooperation with International Financial Institutions (such as EU member states and the G 8) is foreseen. Now the EBRD is in SEmed Countries With an initial € 1 billion

EIB funding is more for Private Sector EIB funding is more for Private Sector

EIB funding is for SMEs EIB funding is for SMEs

ENPI And at Last a Regional Element Country and multi-country programmes Minimum 95. 0% ENPI And at Last a Regional Element Country and multi-country programmes Minimum 95. 0% (over € 10. 6 bn) Regional & Cross-border cooperation programmes Up to 5. 0% (almost € 550 million) /enhanced by another 0, 5 Bln € from ERDF funding/

The ENPI Main features Partnership not Aid Strategy Papers Multi-annual Indicative Programmes Action Programmes The ENPI Main features Partnership not Aid Strategy Papers Multi-annual Indicative Programmes Action Programmes ►annual ► Analysis of the situation ► Response strategy ►Priority sectors ► 7 years ► revised at mid-term ►normally attached to Strategy Papers ► set global and per priority allocations ► cover 3 – 4 years ► describe projects identified for financing ► define the budget per project ►lead to EC decision & commitments of funds

ENP New Instruments Technical Assistance Bilateral& Regional Novel Inter-EU Instruments Taiex, Tempus, FP 7, ENP New Instruments Technical Assistance Bilateral& Regional Novel Inter-EU Instruments Taiex, Tempus, FP 7, Erasmus Investment co-Financing Budget/sector support Twinning

Regional Projects for Business – TRANSPORT: Motor Ways of The Sea; Galileo; Safe. Med Regional Projects for Business – TRANSPORT: Motor Ways of The Sea; Galileo; Safe. Med – TRADE & INVESTMENT: In. Med Invest; Aghadir; Euromed Quality; Euro. Med MARKET; EIB FEMIP; FEMISE; Med. ADR; Med. STAT II; EU Medis; – ENERGY: Med. Enec II; Med. EMIP; RCREEE; WAMGM – R&D & TRAINING: Med Ibtekar; TEMPUS III; Meda. ETE – ENVIRONMENT: Horizon 2020; Meda Water; SMAP III

But what is in it for business ? Besides EIB & EBRD Funding But what is in it for business ? Besides EIB & EBRD Funding

BUSINESS Direct Benefit Indirect Benefit Access to TA Institution building Access to Finance Reform BUSINESS Direct Benefit Indirect Benefit Access to TA Institution building Access to Finance Reform of Public Admin. Tendering Services Supplies Works Business Information Business Opportunities Reform of Financ. Sector Business Environment

TENDERING All bilateral All Regional Services (TA) All ENP Bilateral All bilateral All Regional TENDERING All bilateral All Regional Services (TA) All ENP Bilateral All bilateral All Regional Supplies All ENP Bilateral All bilateral All Regional Works Transport Sector Support; Water Sector Support; Health Sector Support; Education Sector Support; Textile Sector Support; South Sinai; TVET; RDI; EPAP II; SMAP; NATP II; MWS; Galileo; Safe. Med; In. Med Invest; Euromed Quality; Aghadir; Euro. Med MARKET; EIB FEMIP; FEMISE; Meda water Med. ADR; Med. STAT II; EU Medis; Med. Enec; Med. EMIP; RCREEE; WAMGM; Med Ibtekar; TEMPUS III; Meda. ETE Horizon 2020; Not only in YOUR Country All ENP Bilateral DIRECT BENEFIT / Business Opportunities

BUSINESS INFORMATION Market Access - Customs Regulations - Legislative Requirements - Investment Incentives Conformity BUSINESS INFORMATION Market Access - Customs Regulations - Legislative Requirements - Investment Incentives Conformity Assessment Certification Environment and Sustainable Development Environmental Legislation and Standards Research and Development European Commission’s Research and Development Programmes Business Co-operation “Partner Search” inside and outside the European Union DIRECT BENEFIT / Business Opportunities

INSTITUTION BUILDING REGULATORY REFORM & REFORM OF PUBLIC ADMINSTRATION REFORM OF FINANCIAL SECTOR Budget INSTITUTION BUILDING REGULATORY REFORM & REFORM OF PUBLIC ADMINSTRATION REFORM OF FINANCIAL SECTOR Budget Support Programmes Institutional Twinning Prog. in Financial Sector Reform Regional Programmes INDIRECT BENEFIT / Business Environment

The Dream 2010 FTA The Dream 2010 FTA

And will not Affect the South Now Lags of import-tariff reductions 95 96 97 And will not Affect the South Now Lags of import-tariff reductions 95 96 97 98 99 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Algeria Egypt Israel Jordan Lebanon Morocco Palestinian Authority Syria Tunisia Source: Data from European Commission. Notes: orange - no Association Agreement (AA), yellow - gradual liberalisation, green - full liberalisation.

EU share is Small but not bad Source: Eurostat. Yet the EU is the EU share is Small but not bad Source: Eurostat. Yet the EU is the main trading partner of the Med countries, absorbing around 50% of their exports

And is Supported Bilaterally Mediterranean regional trade agreements (extra EU) GAFTA b AGADIR FTA And is Supported Bilaterally Mediterranean regional trade agreements (extra EU) GAFTA b AGADIR FTA signed WTO joined 1 Algeria 2 Egypt a 3 Israel 4 Jordan 5 Lebanon 6 Morocco 7 Palestinian Authority 8 9 10 11 12 Syria Tunisia Cyprus Malta Turkey signed observer 1995 2002 1998 2004 1995 2000 observer 1995 - 1998 2004 - 1995 1998 - Pan Euro MED Ro. O US MEFTA into force 2004 - 2006 Sources: European Commission, White House, World Bank, WTO. a Since 1998 Egypt is also a member of the Common Market for Eastern and Southern Africa (COMESA). b Greater Arab Free Trade Area. Other members: Bahrain, Iraq, Kuwait, Libya, Oman, Saudi Arabia, Sudan, Qatar, UAE, Yemen. Except ALG GAFTA became effective on 1 January 2005 with a transitional system of rules of origin demanding a 40% ratio of Arab content. c US-Mediterranean Free Trade Area suggested by President Bush in 2003. 1985 2001 2006 - c bilateral with 12 4 3 12 12 12 2, 6, 8, 9

But how can the South-South Dimension be strengthened • Real Adoption of the Pan-Euro-Med But how can the South-South Dimension be strengthened • Real Adoption of the Pan-Euro-Med Rules of Origin “Ro. O” • Harmonisation of laws in economic matters, Invigoration of trade exchanges, promotion of the industrial sector, promotion of economic activities and employment, improvement of productivity and living standards • Co-ordination of sectoral and global economic policies, especially in the fields of foreign trade, agriculture, finance, taxes, services and customs • And most important, more business information and cooperation and establishment of the missing trade routes

NO South-South Dimension for 2010 FTA without Trade Routes (compare North & South) NO South-South Dimension for 2010 FTA without Trade Routes (compare North & South)

And It Worked for Aghadir Trade Between Aghadir & EU (2000 -2006) And It Worked for Aghadir Trade Between Aghadir & EU (2000 -2006)

Likewise it will work for all the Mediterranean Likewise it will work for all the Mediterranean

Its time to walk the talk and make every effort to utilize the available Its time to walk the talk and make every effort to utilize the available funding, means, networks, and cooperation channels;

And Utilize the available Funding • May 2011: Deauville G 8 summit: Egypt and And Utilize the available Funding • May 2011: Deauville G 8 summit: Egypt and Tunisia will receive aid worth more than 28 billion euros • September 2011: The G 8 countries and a number of world and regional financial institutions pledged $73 billion in aid to Tunisia, Egypt, Morocco and Jordan – Finance ministers from the G 8 pledged $38 billion – IMF promised a further $35 billion as part of the Deauville Partnership

Funding • Overseas Private Investment Corporation (OPIC), the U. S. Government’s development finance institution, Funding • Overseas Private Investment Corporation (OPIC), the U. S. Government’s development finance institution, approved $150 million in financing for investment in consumer foods, manufacturing and financial services, a step toward fulfilling OPIC’s commitment to provide $2 billion of investment support to the MENA region, announced by Secretary of State Hillary Clinton during her March 2012 trip to Egypt. • July 2012, OPIC’s Board approved $500 million to support lending to SMEs in Egypt and Jordan. • July 2012, Egypt repaid US$ 1 billion bonds and US$ 607 million of Paris Club Debt • October 2012, Turkey committed US$ 2 billion loan for Egypt

Funding Gulf Support 17 billion US$ mixed grants and loans • Qatar: 5 billion Funding Gulf Support 17 billion US$ mixed grants and loans • Qatar: 5 billion US$ deposit at CBE” (plus 9 billion US$ immediate investments in Alexandria and Port Said ports) • Kuwait: 3 billion US$ “pledged” (plus a 1 billion LE fund in support of the stock exchange) • Saudi: 4 billion US$

With Funding Eligible foreign Companies Saudi Support to Egypt • • Budget Support Grant: With Funding Eligible foreign Companies Saudi Support to Egypt • • Budget Support Grant: 500 million US$ SDF Grant for SMEs: 200 million US$ SDF special loan for dev. projects: 500 million US$ Interest Free Deposit at Central Bank to support foreign reserve: 1 Billion US$ • Government Interest Free loan: 500 million US$ • Revolving Buying of Egyptian T Bonds: 500 million US$ • Line of Credit for Saudi Exports to Egypt: 750 million US$

The € 22 Billion Initiative The Euro-Mediterranean Conference & Exhibition on Donor Funding, Banking The € 22 Billion Initiative The Euro-Mediterranean Conference & Exhibition on Donor Funding, Banking and Novel Financial Instruments MEDA FINANCE

The Aim To monitor available resources and network with the EC, EU member states The Aim To monitor available resources and network with the EC, EU member states and all donors & financial institutions aiming at the support of business through: • Availing the highly needed information about sources of grants, technical assistance, soft loans, and novel financial instruments to their real target…SMEs • Promoting novel financial instruments inclusive Non Banking & Novel Financial Instruments Factoring, Leasing, Mortgage finance, Venture Capital and private equity as the future funding mechanism worldwide. • Strive to Repeat the Infra. Med concept that was created by the Egyptian Co-Presidency of the Up. M • Giving credit and visibility to the EC and all our development partners

Meda Finance The Initiative 1. Survey of EC, EIB, EU member states and Multilateral Meda Finance The Initiative 1. Survey of EC, EIB, EU member states and Multilateral grants, TA, lines of Credit, as well as novel non-Banking Financial Instruments available for the Euro-Med (over $ 22 billion so far), … but we continue 2. Setting up the mechanism for periodic updating 3. Conducting "The 1 st Euro-Mediterranean Conference & Exhibition on Donor Funding, Banking and Novel Financial Instruments as a networking platform 4. Sustainability of the initiative and setting up the formula for replication 5. Follow-up with customized proposals to all donors

Meda Finance The Study CD A total of 113 instruments were sourced, that is Meda Finance The Study CD A total of 113 instruments were sourced, that is besides the aid offered to Governments which is translated into tenders for services and supplies implemented by private sector from the Mediterranean 1. Over 43 instruments available for the whole region by 18 countries/institutions/programmes of Af. DB, Belgium, EC, EIB, Finland, France, Germany, IDB, Japan, Kuwait, Netherlands, Saudi Arabia, South Africa, Spain, UAE, UNDP, UNIDO, USA, and WB/IFC/IBRD; besides what is offered to individual countries from Canada, Denmark, and Italy, . . and naturally the countries themselves. 2. Over 70 Instruments available for individual countries: Algeria 6; Egypt 35; Israel 4; Jordan 6, Lebanon 5, Morocco 10, Syria 4, Tunis 14

Meda Finance The Study CD • Grants: in cash or as technical assistance up Meda Finance The Study CD • Grants: in cash or as technical assistance up to Euro 1 million (50% to 80% of costs), feasibility studies, export finance, credit guarantee, diagnostics, upgrading, training, export promotion support, …etc • Soft loans: up to 80% of project budget extending from US$ 100, 000 up to 100 million, with interest from zero to less than commercial rate, both fixed and floating, both in euro/$ or local currency, with grace periods from 1 up to 8 years and maturity from 5 up to 15 years (sovereign loans are 0. 75% interest, grace 10 years, and maturity 40 years)

An Annual Initiative for Euro. Med SMEs To Bridge the Bridges Project with Finance An Annual Initiative for Euro. Med SMEs To Bridge the Bridges Project with Finance

Egypt Albeit the present situation, it is still The Land of Opportunities Dr. Alaa Egypt Albeit the present situation, it is still The Land of Opportunities Dr. Alaa Ezz Secretary General Federation of Egyptian & European Chambers

Egypt’s Economy Today 2012 estimates 2011 Estimates Key Indicators 2010 2011 2012 3. 30 Egypt’s Economy Today 2012 estimates 2011 Estimates Key Indicators 2010 2011 2012 3. 30 -. 70 2. 00 3. 30 Consumer Price Inflation (av; %) 11. 10 16. 20 11. 60 12. 1 Budget Balance (% of GDP) -8. 00 -10. 40 -11. 00 -10. 50 Current-Account Balance (% of GDP) -2. 00 -2. 70 -1. 40 -1. 6 Exchange Rate US$: LE (av) 5. 63 6. 10 6. 20 6. 10 Exchange Rate US$: LE (year-end) 5. 80 6. 15 6. 09 7. 10 Real GDP Growth (%) EIU 2011/2012

It’s the momentum of a decade • Firm Commitment to Peace and Internal Political It’s the momentum of a decade • Firm Commitment to Peace and Internal Political Stability. • One of the top ten Global Reformers for five years (WB doing business report). • Attractive Investment Climate. • Free Trade Areas.

Attractive Investment Climate • Macro-economic stabilization and comprehensive structural adjustments • Clear transparent incentives Attractive Investment Climate • Macro-economic stabilization and comprehensive structural adjustments • Clear transparent incentives • Specific business opportunities

Clear transparent Incentives • Special Incentives for localizing projects. • Lowest Tax in the Clear transparent Incentives • Special Incentives for localizing projects. • Lowest Tax in the region (cut by half down to 20%), yet 124% increased revenue. • Lowest customs within the region (4 years ahead of our WTO commitments), yet doubled custom revenue up to L. E. 14. 7 billion from only 7. 7 five years ago. • Human Resources, R&D and grants • Special Free Zones or Pre-Developed Free Zones. • The Right to Possess and Own Land at very low cost. • No Local Partner Conditions (100% Foreign ownership)

Macro Stabilization & Comprehensive Structural Adjustments • Deregulation, Liberalization and Privatization • Changing Role Macro Stabilization & Comprehensive Structural Adjustments • Deregulation, Liberalization and Privatization • Changing Role of the Government (from operator to regulator through PPPs) • Rationalization of Public Expenses & Subsidies • Tax & customs Reforms, • Free Exchange Markets & Stronger Currency • Elimination of Trade Barriers 5 years Top Global Reformer

Macro Stabilization & Comprehensive Structural Adjustments • Simplifying Investment procedures, it now takes less Macro Stabilization & Comprehensive Structural Adjustments • Simplifying Investment procedures, it now takes less than 72 hours to establish a company instead of 6 month few years ago • Unified investment, Labor, Banking and Telecommunications laws aiming at restructuring the business climate and strategically simplify the legal framework for investment policies. • Issuing modern legislations related to IPR, competition and consumer protection A top Ten Global Reformer

Booming Economy during 2010 in a world of negative growth • • • GDP: Booming Economy during 2010 in a world of negative growth • • • GDP: + 7. 2% (in 2008), 4. 7% in 2009, 6. 1% first half of 2010 Industrial investments increased 5 time in 4 years to reach US$ 30 billion Non oil Exports: Up to 105 billion US$ annually from 44 four years ago Tourism: + 71% in four years up to 11. 6 billion US$ annually Suez Canal: +24% in 4 years to 3, 1 billion US$ annually Egyptian Workers abroad: +100% to 9. 8 billion US$ Natural gas and petrochemicals: Second export train with increased expectation Oil: rising international price CBE Reserve: Exceeding US$ 36 billion dollars where it was only 12 billion just four years ago • FDI: +700% in five years to reach 9 billion US$ annually plus 15. 6 billion US$ local investments

Which will Come Back ECD, Cairo Which will Come Back ECD, Cairo

ECD, Cairo ECD, Cairo

And the Present Reserve Decline is a Global Issue And the Present Reserve Decline is a Global Issue

Same for the Stock Exchange Same for the Stock Exchange

Specific Business Opportunities Gulf of Suez Funded Mega Projects East Port Said North East Specific Business Opportunities Gulf of Suez Funded Mega Projects East Port Said North East Toshki Infrastructure and Services Investment Recapping Stock Exchange Sheikh Zayed Canal “Toushki” Banking & Insurance Takeover of liquidity problem companies East Oinaat Large domestic market Subcontracting Free Zones Easy access to regional markets Regional Free Trade Areas Joint Ventures 12 PPP Industrial Zones Training Centers 22 New Industrial Cities Trade Bilateral Free Trade Agreements Retailing Retail Egypt The Land of Opportunities

The Local Market With a population of over 90 million and an increasing per The Local Market With a population of over 90 million and an increasing per capita income, Egypt has the largest domestic market in the region. Household Expenditure 2011 per capita food consumption +9. 3%; forecast to 2015 +65. 1% 2011 carbonated drink sales +5. 6%; forecast to 2015 +56. 4% 2011 mass grocery retail sales +14. 9%; forecast to 2015+ 251. 9%

Egypt, the cross-road of trade • located in the Middle of all Trade Routs Egypt, the cross-road of trade • located in the Middle of all Trade Routs • Free Trade Areas of 1. 4 billion consumers (for manufacturing & Subcontracting 100% – – – custom exemption, 35%-45% local content) EU 27 countries EFTA 4 countries COMESA 19 countries Greater Arab FTA “PAFTA” 18 countries Mercosur 4 countries Bilateral Free Trade Agreements USA and Turkey • Easy Access to Regional Markets • Modern Ports, Free Zones & Transit Facilities

Trade, the two way approach Egypt still poses an excellent opportunity foreign Companies to: Trade, the two way approach Egypt still poses an excellent opportunity foreign Companies to: • Increase Exports to Egypt – Large market for technologies, machinery & products – Lines of credit & Grants – Modernization Needs • Increase Foreign Exports to Third countries – Added value subcontracted assembly or formulation – To benefit from Free Trade Agreements • Use Egypt as a Transit Trade Hub for the Region – Fast and Easy Access to Regional Markets – Utilize Egypt’s Modern Free Zones & Transit Facilities

Foreign Companies Technology, Components, CKD, Inputs, Licenses, TRAINING, QC, . . etc. Royalty EU Foreign Companies Technology, Components, CKD, Inputs, Licenses, TRAINING, QC, . . etc. Royalty EU 27 + EFTA Egypt Assembly, Formulation, Installation, Arabization. . etc The Region PAFTA COMESA Mercosur Turkey USA

Trilateral Cooperation for Africa Japan • Funding Telephone Exchanges in Africa • Design, supervision, Trilateral Cooperation for Africa Japan • Funding Telephone Exchanges in Africa • Design, supervision, CKD by NEC Egypt AOI: Local Assembly Egy. Cab: Supply of Cables Arab Co: Installation

Trilateral Cooperation for Iraq Japan • Finance of airports, water stations, power plants, . Trilateral Cooperation for Iraq Japan • Finance of airports, water stations, power plants, . . etc • Supply of core components Egypt Local Content, civil works, . . etc.

Trilateral Cooperation for Palestine German Government • Funding of Police training • German Companies: Trilateral Cooperation for Palestine German Government • Funding of Police training • German Companies: Curricula and train-the-trainers program Egypt Police Academy: Training and hosting of Palestinian Police Force

Foreign companies with Egyptian Partners for reconstruction of Libya Polimeks Insaat Taahhut ve San Foreign companies with Egyptian Partners for reconstruction of Libya Polimeks Insaat Taahhut ve San Tic Renaissance - GAMA Enka Construction Saipem - Bilfinger Berger- Danieli & C Techint Group Impregilo Balfour Beatty Petrofac Ltd Joannou & Paraskevaides Vinci Bouygues Technip Eiffage FCC - OHL - Ferrovial Agroman - EIFFAGE Tecnicas Reunidas Grupo Isolux HOCHTIEF - Bilfinger Berger - Joannou & Paraskevaides Ed Zublin AG - Siemens

Moreover, Egypt offers to tourists and foreign residents: • • • History, Culture & Moreover, Egypt offers to tourists and foreign residents: • • • History, Culture & Tradition Attractive Touristic & Recreational Sites Endless sandy beaches with International Facilities Spacious Residential Facilities International Education for the Children World Class Health Services Hospitable People and a Large Expatriate Community Pleasant Climate all the year And a very Spicy political climate

All these world leaders and many more, evaluated the rest to invest in the All these world leaders and many more, evaluated the rest to invest in the best: ABB; Abbot; Babcock & Wilcox; Bayer; Birla; Boehringer; BMW; Cadbury; Carrier; Daimler Chrysler; Daewoo; Danieli; DOW Chemicals; Du Pont; Eveready; General Motors; Henkel; IBM; Johnson & Johnson; LG; Macro, Microsoft; Moulinex; Nestle; Nissan; Otis; Otsuka; Peugeot; Pfizer; Philips; Proctor & Gambel; Roussel Uclaf; Samsung; Sandoz; Siltal; Sumitomo; Suzuki; Technocar; Toshiba; Unilever; Westinghouse; Xerox; YKK; . . etc. They Came to Egypt, the land of opportunities .

We Invite You to guide your companies on the path of these pioneers who We Invite You to guide your companies on the path of these pioneers who are reaping the fruit of their early arrival

Come to Egypt, in a tradition that is summarized in the following words of Come to Egypt, in a tradition that is summarized in the following words of ancient Egyptian wisdom: “Rig your Boat, travel near and far, look for a wise partner, knock his door, seek his knowledge, welcome him in your home, this is how your people will prosper” Amenophet, 2, 500 B. C.