Egypt, EU sign €292M deals to support private sector, youth, child protection, vaccine production

CAIRO – 29 June 2024: Minister of International Cooperation Rania Al-Mashat and the European Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi, have signed four financing agreements with a total value of €292 million, funded through grants by the EU.

The agreements were signed during the Egypt-EU Investment Conference held at Cairo's Al Manara International Conference Center on June 29-30.

The first agreement, under the cross-border cooperation for Mediterranean basin countries program (phase III), will receive €263 million in funding from the EU.

This accounts for 89% of the total program financing for 15 countries.

The program aims to support private sector development, focusing on sectors such as sustainable tourism, cultural heritage, creative industries, digital transformation, agriculture, blue and circular economy, education and training, energy, and green construction.

 

The second agreement, worth €25 million, aims to support youth in acquiring various skills, including technical and vocational skills, for employment, fair-income jobs, and entrepreneurship.

The third agreement, with a grant of €8 million, aims to support the national approach to child protection systems in Egypt.

The fourth agreement, with a grant of €3 million, aims to strengthen local vaccine manufacturing and support the conducive environment for medical and health technologies through research and skills development.

In addition to these agreements, Egypt and several European companies signed multi-billion-euro deals for green energy production during the conference today.

The conference, themed "Unlocking Egypt's Advantages in a Fast-Changing World," focuses on the role of renewable energy in shaping a brighter future for Egypt.

It addresses various topics of cooperation, including the green economy, circular economy, financial vehicles for investment, technology and entrepreneurship, as well as food and water security.

The Egypt-EU Investment Conference brings together government officials from Egypt and the EU, industry experts, and influential business leaders to explore investment opportunities.

It highlights Egypt's economic reforms aimed at enhancing competitiveness, promoting a green transition, and ensuring resilience in the face of global challenges.