Egypt receives billions in aid from Brussels
The European Union is intensifying its relations with Egypt in search of international partners. A financial injection from Brussels aims to boost the economy of the North African country. "We are closer than ever before," emphasized European Commission President von der Leyen during her visit to Cairo.
The European Union and Egypt have signed a common investment agreement worth up to one billion Euros. EU Commission President Ursula von der Leyen sealed the financial aid at an Investment Conference in Cairo. "Egypt and Europe are closer than ever before, making this partnership a real win for both Egypt and Europe," said von der Leyen in her speech. The agreement pertains to the first tranche of a package totaling 7.4 billion Euros that von der Leyen announced in March.
The money, according to the Commission, will be invested in areas such as clean energy, the manufacturing industry, and food security of the North African country. The money "will follow Egypt's reform agenda and create incentives," as stated by von der Leyen. "These reforms will foster a better business environment, attract more investments, and create more good jobs in Egypt." The document was signed by EU Economic Commissioner Vladis Dombrovskis and Egypt's Minister for International Cooperation, Rania al-Maschat.
Egypt's President Abdel Fattah al-Sisi welcomed the agreement. The conference marks a first step towards improving relations between the EU and Egypt and reflects their commitment "to move beyond the phase of promises and into the phase of implementation," according to al-Sisi in his speech.
The conference takes place at a "very sensitive time" amidst international and regional crises. "Egypt has proven to be a reliable partner in addressing common challenges and achieving security and stability," said Egypt's President.
- The EU Commission, led by President von der Leyen, sees Egypt as an important politics partner in their quest for international allies.
- During her visit to Cairo for an Investment Conference, von der Leyen praised the growing relationship between the EU and Egypt, stating that the two are 'closer than ever before'.
- In response to the EU's financial injection and investment agreement, Egypt's President Abdel Fattah al-Sisi expressed his gratitude, noting that Egypt and the EU are now in a phase of implementation, moving beyond the stage of promises.
