The European Union provided this fund to Egypt as part of a financing package worth €7.4 billion.
GAFI CEO Hossam Heiba noted that the first half of FY2023/24 saw $6 billion in FDI, with the Ras El-Hekma deal expected to further contribute to the year's total.
In his keynote address, Madbouly reiterated Egypt's commitment to economic reform and its profound belief in strengthening ties with the European Union.
The project is financed by the EIB with €135m, along with a €30m grant from the European Union managed by the EIB. Additional funding comes from the French Development Agency and other financing entities.
The agreements, between the Sovereign Fund of Egypt (TSFE) and European developers, aim to bolster Egypt's renewable energy infrastructure, explained a cabinet statement on Sunday
