Egypt sign MoUs with EU totaling €67.7B across diverse fields

CAIRO – 23 September 2023: Egypt and the European Union (EU) recently solidified their economic ties with the signing of memoranda of understandings (MoUs) totaling €67.7 billion. Minister of Investments and Foreign Trade, Hassan El-Khatib, shared this significant update during his meeting with European Union Ambassador to Cairo, Christian Berger.

These MoUs encompass investments in various promising sectors such as green hydrogen, electric cars, infrastructure, sustainable transportation projects, and communications and information technology.

The discussion primarily revolved around the collaboration on projects, strategies to enhance economic cooperation, and the promotion of trade and joint ventures between Egypt and EU countries in the upcoming period.

The meeting also shed light on the strategic partnership between the EU and Egypt, valued at €7.4 billion, which includes grants and loans extended to Egypt until 2027.

 Furthermore, deliberations took place regarding the EU’s Carbon Border Adjustment Mechanism (CBAM) and Egypt’s initiatives to enhance the competitiveness of exports in EU markets.

Egypt’s vision includes a focus on expanding green investments and leveraging technologies such as hydrogen and green ammonia in industrial processes.