Brussels granted 1 billion euros to Cairo to support economic reforms in the country. The President of the European Commission, Ursula von der Leyen, made a corresponding statement during the opening ceremony of the Egypt-EU Investment Forum in Cairo.
„In March, we signed an aid agreement with Egypt in the amount of EUR 7.4 billion, and today we are disbursing the first billion of the promised amount to Cairo to support the economic reforms that are taking place in the country,” von der Leyen announced. Transformations in the economic sphere of Egypt, according to the head of the EC, will contribute to “an even greater attraction of investors in the Egyptian economy”. and “creating new jobs in the country”. All in all, participants in the forum plan to sign “more than 20 memoranda of understanding with a total value of EUR 40 billion”, von der Leyen added. She indicated that the agreements would cover several areas, notably "the production of green hydrogen, the aviation and automotive industries, and the chemical industry."
For his part, Egyptian President Abdel Fattah al-Sisi noted during his speech that his country is currently facing “several crises at the international and regional level”, the negative consequences of which are being felt by all countries peace. “In this regard, the mutual support and coordination between Egypt and its European partners is of particular importance“, the Egyptian leader stressed.
Two-day investment forum in the format "Egypt - EU" discovered in Cairo. The conference is being held under the motto “Unlocking Egypt's potential in a rapidly changing world” and is held under the patronage of al-Sisi. According to the organizers of the event, the forum participants plan to discuss strengthening cooperation between Egypt and the EU in the economy, innovation, transport, energy, technology and other areas.
Special attention is planned to attract European investment in several sectors of the Egyptian economy, in particular in the development of infrastructure, the search for alternative energy sources, the improvement of water supply networks, health care and education.
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