The meeting focused on the European Fund for Sustainable Development, which aims to support private sector financing and investments in neighboring countries, particularly Egypt.
Egypt and the European Union (EU) will be engaging in discussions regarding the assurance of 1.8 billion euros in guarantees from the European Union to bolster foreign direct investment in Egypt, specifically targeting private sector companies, according to a statement released by Ministry of International Cooperation (MoIC).
This came during a meeting between Minister of International Cooperation, Rania Al-Mashat, and Directorate-General Neighbourhood and Enlargement Negotiations (NEAR) Negotiations at the European Commission, Gert Jan Koopman, within the framework of the close economic relations between Egypt and the European Union.
The meeting focused on the European Fund for Sustainable Development, which aims to support private sector financing and investments in neighboring countries, particularly Egypt.
Minister Al-Mashat highlighted the growing importance of the relationship between Egypt and the EU, especially since the signing of a political declaration to elevate it to a strategic partnership.
In April, the MoIC engaged in discussions and meetings with various stakeholders in Egypt, including ministries and authorities, to explore future steps in supporting the macro-economy and addressing the budget deficit.
Egypt hosted a significant Egyptian-EU summit in March, where a declaration was signed to upgrade the relations to a strategic partnership and provide a financial package of 7.4 billion euros to support the Egyptian economy.
Over the course of four years, international partnerships with the Team Europe Initiative resulted in soft loans totaling approximately $12.8 billion for the public and private sectors, with $7.3 billion allocated to the public sector and $5.5 billion for private sector financing.
These investments have attracted European companies to prioritize sectors such as sustainable infrastructure, renewable energy, food security, health and education, transportation, water and sanitation networks, small and medium-sized enterprises, environment, solid waste management, women’s empowerment, and other programs throughout Egypt.
