President Abdel Fattah El-Sisi witnessed the signing ceremony of a Memorandum of Understanding (MoU) between the Arab Republic of Egypt and the European Union for the first tranche of the Macro-Financial Assistance mechanism, supporting the budget deficit with a value of €1 billion.
The Egypt-EU Investment Conference aims to enhance economic cooperation between Egypt and EU member states by attracting diverse European investments to Egypt, especially in priority sectors such as sustainable infrastructure, renewable energy, food security, health and education, sustainable transport, and water and sanitation networks.
The conference, themed "Unlocking Egypt's Advantages in a Fast-Changing World" will delve into Egypt's economic potential, including its business prospects.
High-level sessions and dialogues will enrich discussions during the conference at Al Manara International Conference Center in Cairo on June 29-30.
This conference followed a recent agreement with the International Monetary Fund on a complementary reform program to the previous one, and Egypt's conclusion of its largest deal in history, the "Ras Al-Hikma Deal," which is expected to attract investments exceeding $150 billion over the project's lifetime.
It also serves as a platform for dialogue to transfer the successful European investment experience to Egypt, allowing Egypt to benefit from Europe's diverse economy. This will drive Egypt to diversify its investments and not rely on a single sector, thereby increasing the economy's resilience.
On her part, EU’s President Ursula von der Leyen wrote on X that it is good to be in Cairo for the Egypt-EU Investment Conference with President El-Sisi, adding, "In March we opened a new chapter in our partnership. Today we deliver.”
“We invest in Egypt’s clean energy potential. In skills for the youth. In reforms for a dynamic economy with €1 bn in support,” She added.