(MENAFN- Daily News Egypt) Egyptian Prime Minister Mostafa Madbouly met with Manfred Weber, President of the European People's Party Group in the European Parliament, on Tuesday in Cairo, discussing economic challenges, regional crises, and the deepening partnership between Egypt and the European Union.
Madbouly highlighted the Egyptian government's commitment to economic reforms, emphasizing the need for continued European support for the country's development. He pointed to the Egyptian-European investment conference held in June, attended by President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen, as a testament to the strengthened partnership.
“This conference was the first major event of the new strategic partnership,” Madbouly said.“It sent a clear message to European private sector actors that Egypt is a vital destination for European investments, especially given the structural economic reforms undertaken by the Egyptian government in recent times.”
Madbouly acknowledged the impact of regional and international crises on Egypt's economy, particularly the decline in Suez Canal revenues due to the ongoing conflict in Gaza and Lebanon.
“These crises have caused Egypt to lose almost $7 billion in less than a year due to a decline in the Suez Canal's revenues,” Madbouly said.“Despite this, the Egyptian government has not deviated from its ambitious plan for comprehensive modernization and its commitment to achieving economic reform targets.”
Madbouly also emphasized the need for the European Union to expedite the disbursement of a €5 billion financial package pledged to support Egypt's economy.
“He expressed his hope for Weber's support in the swift disbursement of the first tranche of the package, worth €1bn, before the end of the year,” a statement from the Egyptian Prime Minister's office said.“He also expressed his hope for Weber's support and that of his political group in the European Parliament for voting in favour of the second tranche of €4 billion for the period 2025-2027.”
Madbouly also addressed the challenges posed by the influx of refugees and migrants in Egypt, exceeding 9 million, and outlined Egypt's commitment to preventing illegal migration and cooperating with the European Union in tackling its root causes.
“Egypt is committed to preventing all forms of illegal migration,” Madbouly said.
The meeting also touched upon the ongoing conflicts in the Middle East, particularly in Gaza and Lebanon, with Madbouly emphasizing Egypt's active efforts to mediate a ceasefire, secure the release of hostages and prisoners, and deliver humanitarian aid. He also stressed the importance of recognizing the Palestinian state as a solution for peace and stability in the region.
“Madbouly confirmed that Egypt has spared no effort in attempting to reach a ceasefire agreement in Gaza, securing the release of hostages and prisoners, and delivering humanitarian aid to the region,” the statement said.“He emphasized the importance of recognizing the Palestinian state to preserve the two-state solution, which remains the only viable solution to achieve security and peace in the region.”
Weber expressed the European Union's support for the Egyptian government's efforts, acknowledging the challenges facing the country and reaffirming the European Union's commitment to the strategic partnership.
“Weber discussed the comprehensive strategic partnership between Egypt and the European Union, reaffirming both sides' commitment to strengthening this partnership and implementing its components,” the statement said.“He highlighted the European side's commitment to supporting the Egyptian economy through the financial package aimed at providing the necessary technical support to create a more resilient economy.”
In a separate meeting with President Al-Sisi, Weber reiterated the European Union's commitment to the partnership and its support for Egypt's role in promoting regional stability.
“Weber expressed the European Union's great appreciation for Egypt and affirmed his political group's commitment to enhancing joint cooperation in all fields,” said presidential spokesperson Ambassador Ahmed Fahmy.“He noted the expanding economic relations between the two sides, including increased European investment in Egypt to benefit from the country's development efforts, achieving mutual interests.”
President Al-Sisi stressed the need for international cooperation to address the current conflicts in the region.
“President Al-Sisi emphasized the need for the combined efforts of all international actors, including the European Union, to strongly push for de-escalation and a ceasefire in Gaza and Lebanon, an end to attacks in the West Bank, and the full and immediate delivery of humanitarian aid,” Fahmy said.“He stressed that the two-state solution, establishing an independent Palestinian state in accordance with international legitimacy, is the path to achieving peace and stability in the region.”
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