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EU, Egypt ink billions in financial support package
(MENAFN) Egypt on Wednesday signed a memorandum of understanding with the European Union securing a €4 billion ($4.6 billion) financial support package, aimed at strengthening economic cooperation and advancing local reforms.
As stated by reports, Egyptian President Abdel Fattah al-Sisi attended the signing alongside European Commission President Ursula von der Leyen and European Council President Antonio Costa during the first-ever Egypt-EU Summit in Brussels.
Egyptian Minister of Planning and Economic Development Rania al-Mashat signed a joint declaration with EU Commissioner for Economy and Productivity Valdis Dombrovskis, formalizing the €4 billion support package. Meanwhile, Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for Startups, Research and Innovation Ekaterina Zaharieva signed a memorandum enabling Egypt’s participation in Horizon Europe, the EU’s primary research and innovation funding program. Al-Mashat also signed a joint statement with EU Commissioner for Democracy and Demography Dubravka Suica on financing initiatives supporting local-level social and economic reforms in Egypt.
The summit marked a milestone in the strategic partnership elevated in March 2024. Speaking at an economic forum held alongside the summit, President Sisi said Egypt stands “on the threshold of a new phase of economic cooperation with the European Union.”
Addressing representatives of European and Egyptian companies as well as international financial institutions, Sisi called for “a mutually beneficial investment partnership,” highlighting opportunities in sectors such as pharmaceuticals and vaccines, automotive and electric vehicles, fertilizers and petrochemicals, renewable and green hydrogen energy, microchips, artificial intelligence, defense industries, and logistics infrastructure.
He also emphasized the “importance and weight of the economic partnership between Egypt and the EU,” noting that the bloc was Egypt’s top trading and investment partner in 2024, accounting for roughly 27% of the country’s foreign trade, with EU companies holding 32% of Egypt’s foreign direct investment stock.
Discussions at the summit included plans to create a European investment corridor in Egypt, designed to serve as a gateway to African and Arab markets and integrate Egypt further into European supply chains.
“The event is not the result of the moment,” Sisi said, “but the continuation of a growing path that began in March 2024, when we agreed to elevate Egypt–EU relations to the level of a comprehensive strategic partnership, followed by the first Egypt–EU Investment Conference in June 2024.”
According to reports, Sisi arrived in Brussels earlier Wednesday to attend the summit as part of an official visit to Belgium.
As stated by reports, Egyptian President Abdel Fattah al-Sisi attended the signing alongside European Commission President Ursula von der Leyen and European Council President Antonio Costa during the first-ever Egypt-EU Summit in Brussels.
Egyptian Minister of Planning and Economic Development Rania al-Mashat signed a joint declaration with EU Commissioner for Economy and Productivity Valdis Dombrovskis, formalizing the €4 billion support package. Meanwhile, Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for Startups, Research and Innovation Ekaterina Zaharieva signed a memorandum enabling Egypt’s participation in Horizon Europe, the EU’s primary research and innovation funding program. Al-Mashat also signed a joint statement with EU Commissioner for Democracy and Demography Dubravka Suica on financing initiatives supporting local-level social and economic reforms in Egypt.
The summit marked a milestone in the strategic partnership elevated in March 2024. Speaking at an economic forum held alongside the summit, President Sisi said Egypt stands “on the threshold of a new phase of economic cooperation with the European Union.”
Addressing representatives of European and Egyptian companies as well as international financial institutions, Sisi called for “a mutually beneficial investment partnership,” highlighting opportunities in sectors such as pharmaceuticals and vaccines, automotive and electric vehicles, fertilizers and petrochemicals, renewable and green hydrogen energy, microchips, artificial intelligence, defense industries, and logistics infrastructure.
He also emphasized the “importance and weight of the economic partnership between Egypt and the EU,” noting that the bloc was Egypt’s top trading and investment partner in 2024, accounting for roughly 27% of the country’s foreign trade, with EU companies holding 32% of Egypt’s foreign direct investment stock.
Discussions at the summit included plans to create a European investment corridor in Egypt, designed to serve as a gateway to African and Arab markets and integrate Egypt further into European supply chains.
“The event is not the result of the moment,” Sisi said, “but the continuation of a growing path that began in March 2024, when we agreed to elevate Egypt–EU relations to the level of a comprehensive strategic partnership, followed by the first Egypt–EU Investment Conference in June 2024.”
According to reports, Sisi arrived in Brussels earlier Wednesday to attend the summit as part of an official visit to Belgium.
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