CAIRO - 4 April 2024: An agreement has been reached with the European Commission to hold the joint investment conference between Egypt and the European Union on June 29th and 30th, according to the Prime Minister, Mostafa Madbouly.
He clarified that the conference will be attended by President Abdel Fattah el-Sisi, President of the Republic, and Ursula von der Leyen, President of the European Commission. It is targeted to be attended by many major European economic entities, leading investment companies, and investment funds.
Meanwhile, during a meeting held on Thursday at the government headquarters in the New Administrative Capital, the Prime Minister directed to work on providing the largest possible volume of investment opportunities for European companies and entities, and to immediately start coordinating with the European Union to promote these opportunities, especially in the industrial sector.
"We have a list of these projects that we need to localize their industries in coordination with our partners in Europe,” he affirmed.
He added that work is underway to prepare some projects that will be signed on the sidelines of the conference, especially in areas that receive great cooperation from both sides, such as green hydrogen projects and others.
Prime Minister Madbouly stressed the necessity to ensure the wide-scale participation of the Egyptian private sector in the conference, including representatives of chambers of commerce, businessmen, and Egyptian investors, emphasizing the importance of their attendance resulting in partnerships with the European private sector.
On March 17, Egypt’s President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen signed a joint declaration on strategic and comprehensive partnership between Egypt and the European Union.
Egypt and the EU have both agreed on elevating their relationship to the level of a strategic and comprehensive partnership based on equity and mutual respect and trust.
The agreement comes while the EU acknowledges Egypt as a reliable partner, highlighting its role as a pillar of security, moderation, and peace in the Mediterranean, the Near East and Africa, said a statement by the European Commission.
The strategic partnership document identifies specific areas of cooperation, including political relations, macroeconomic stability, sustainable investment and trade, migration, security and human capital development.
During the summit, von der Leyen highlighted a financial and investment package of 7.4 billion euros ($8.06 billion) to Egypt over the next four years.
According to a summary published by the EU, the funding includes 5 billion euros in concessional loans as well as 1.8 billion euros of investments.
The funding also includes 600 million euros in grants, including 200 million euros that will be provided to Egypt for the management of migration.
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