Kouchouk highlights EU’s key role as economic partner, shares intent to boost EU investments

Cairo – September 16, 2024: During a meeting with Christian Berger, the European Union Ambassador to Egypt, Finance Minister Ahmed Kouchouk highlighted the pivotal role of the European Union (EU) as a key economic partner for Egypt, emphasizing the potential for enhanced collaboration to serve mutual interests.

Kouchouk expressed a strong desire to boost EU investments in Egypt while underscoring the government's commitment to improving the investment climate through incentives tied to tangible outcomes and objectives.

The minister noted that upcoming financial policies are expected to significantly influence risk management and economic competitiveness.

He added that the Ministry of Finance recently introduced a new package of tax incentives designed to foster partnership and trust within both local and international business communities.

The incentives aim to streamline tax procedures, enhance tax certainty, and support emerging companies, aligning with broader governmental efforts to stimulate investment, drive local production, and increase exports.

The FinMin also addressed ongoing efforts to reduce the debt-to-GDP ratio as part of a comprehensive economic reform strategy, adding that the main target is to reduce debt indicators over the medium term while mobilizing local revenues and supporting key sectors of the real economy.

He emphasized a focus on diversifying financing sources, expanding investor base, and implementing governance policies to prioritize high-impact spending areas.

The current cooperation portfolio between Egypt and the EU stands includes grants and blended financing for projects in water, agriculture, transport, and renewable energy, as well as support for small and medium enterprises and capacity-building initiatives.

This is in line with the Egypt-EU Strategic and Comprehensive Partnership, which promises €7.4 billion in funding to Egypt by 2027. In July, Egypt received €1.8 billion as part of this package, and recent agreements worth €67.7 billion have been signed to further bolster Egypt's economic development.