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EU companies to sign 40 billion euros' worth of deals with Egypt

FILE: Egyptian President Abdel-Fattah el-Sissi and European Commission President Ursula Von der Leyen, at the presidential palace in Cairo, Egypt, March 17, 2024
FILE: Egyptian President Abdel-Fattah el-Sissi and European Commission President Ursula Von der Leyen, at the presidential palace in Cairo, Egypt, March 17, 2024 Copyright AP/AP
Copyright AP/AP
By Daniel Bellamy with AP
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"Companies are signing over 20 new deals or Memorandum of Understanding (MoUs) with Egyptian partners, which are worth over 40 billion euros," the European Commission president said.

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European Commission president Ursula von der Leyen on Saturday said European companies were signing more than 40 billion euros' worth of deals with Egyptian firms, spanning a wide range of industries.

The European Commission is on their hand signing a Memorandum of Understanding to provide Egypt with a 1€ billion in Macro-Financial assistance.

Opening the EU-Egypt Investment Conference in Cairo, European Commission President Ursula von der Leyen stated " We deliver for Egyptian businesses and entrepreneurs with €1 billion in macro-financial assistance, which will incentivise the reforms needed in the private sector. We deliver strategic investments that will help transform Egypt into a clean energy hub at the heart of the Mediterranean. And we deliver for Egypt's youth, with a new skills program to help them thrive in the future economy. And this is just the beginning."

Von der Leyen also held talks with Egyptian President Abdel-Fattah el-Sissi. Adding,

"At this conference, European companies are signing over 20 new deals or MoUs with Egyptian partners, which are worth over 40 billion euros. We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive," she said.

Von der Leyen also also touted investments in green energy and digital training, remarking on Egypt's "ambitious goal of becoming a clean energy hub."

The two-day conference comes as part of the Egypt-EU Strategic and Comprehensive Partnership that was agreed by von der Leyen and el-Sissi in March.

The agreement covers political relations, economic stability, investments and trade, as well as migration and security matters.

Our journalists are working on this story and will update it as soon as more information becomes available.

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