New impetus for the economy
Egypt receives billions in aid from Brussels
29.06.2024, 14:56
In its search for international partners, the European Union is strengthening its relations with Egypt. A financial injection from Brussels is intended to boost the economy of the North African country. They are “closer than ever before,” stressed Commission President von der Leyen during her visit to Cairo.
The European Union and Egypt have signed a joint investment agreement worth up to one billion euros. EU Commission President Ursula von der Leyen sealed the financial aid at an investment conference in Cairo. “Egypt and Europe are closer today than ever before, so this partnership is a real win-win for both Egypt and Europe,” said von der Leyen in a speech. The agreement applies to the first tranche of a package totaling 7.4 billion euros that von der Leyen announced in March.
According to the Commission, the money will be invested in the North African country’s clean energy, manufacturing and food security sectors, among others. The money will “accompany Egypt’s reform agenda and create incentives,” said von der Leyen. “These reforms will promote a better business environment, attract more investment and create more good jobs in Egypt.” The document was signed by EU Economic Commissioner Vladis Dombrovskis and Egypt’s Minister for International Cooperation, Rania al-Mashat.
Egyptian President Abdel Fattah al-Sisi welcomed the agreement. The conference is a first step to improve relations between the EU and Egypt and reflects their commitment to move “beyond the phase of commitments to the phase of implementation,” said al-Sisi in his speech.
The conference is taking place at a “very delicate time” in the midst of international and regional crises. “Egypt has proven itself to be a reliable partner when it comes to tackling common challenges in a way that achieves security and stability,” said Egypt’s president.