Cairo, Egypt – The European Union (EU) and Egypt solidified their strategic partnership on Saturday by finalizing a €1 billion (US$1.1 billion) investment deal. The agreement, signed during a two-day EU-Egypt investment conference in Cairo, marks the initial disbursement of a much larger €7.4 billion support package pledged by the EU in March.
EU Trade Commissioner Valdis Dombrovskis and Egyptian Minister of International Cooperation Rania al-Mashat signed the agreement, which aims to bolster Egypt’s economic reforms. This €1 billion tranche represents the first step in a wider initiative designed to strengthen key sectors in Egypt, including clean energy, manufacturing, and food security.
The investment conference itself proved fruitful, attracting over €42 billion (US$45 billion) in investments from European companies into Egypt.
