CAIRO – 24 January 2024: During the tenth meeting of the Association Council between the European Union (EU) and Egypt, held in Brussels on January 23, 2024, officials celebrated the 20th anniversary of the Association Agreement between the two entities.
Commissioner of the European Commission Oliver Varhelyi announced that the EU is Egypt's primary trading partner, accounting for 27% of the country's total trade.
The meeting, co-chaired by High Representative Josep Borrell and Egyptian Foreign Minister Sameh Shoukry, focused on the success of the Economic and Investment Plan, which aims to mobilize €9 billion in investments for critical areas such as food, water, and energy. Varhelyi revealed that €5.8 billion has already been mobilized, demonstrating significant progress.
During the Association Council, Rania Al Mashat, the Egyptian Minister of International Cooperation, presented a comprehensive report on the Egyptian-European partnerships over a four-year period.
The report highlighted the significant contribution of European countries and banks, totaling $12.8 billion, to development financing agreements. Of this amount, $7.3 billion was allocated to the public sector, and $5.5 billion was dedicated to the private sector.
The funds were utilized in various sectors, including infrastructure, transportation, renewable energy, electricity, water and sanitation networks, as well as support for small, medium, and micro-enterprises, environmental initiatives, and education, among others.
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