CAIRO – 24 November 2024: Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with a European Union delegation to discuss the €1.8 billion investment guarantees offered through the European Fund for Sustainable Development Plus (EFSD+).
This initiative is part of the financing agreement signed between Egypt and the EU in March and aims to support proposed projects and programs across various sectors.
The meeting also explored hosting a workshop in Egypt to introduce EFSD+ mechanisms, providing stakeholders with insights into its benefits and operational framework.
The delegation, led by Florian Ermacora, Head of the North Africa Unit at the Directorate-General for Neighborhood and Enlargement Negotiations, reviewed ongoing cooperation programs and strategies to strengthen collaboration while activating the investment guarantees mechanism announced earlier this year.
The partnership between Egypt and the EU encompasses a comprehensive €7.4 billion strategic framework, addressing six key priorities: fostering political relations, bolstering economic stability, enhancing investment and trade, improving migration frameworks, strengthening security, and advancing citizen-focused initiatives such as education and skills development.
Al-Mashat emphasized the significance of this strategic partnership, which aligns with Egypt’s national priorities while addressing emerging needs. She highlighted the EU’s ongoing support for priority projects in Egypt, with a current portfolio amounting to €1.3 billion in grants and blended financing.
The financial support package, announced in March by EU President Ursula von der Leyen, includes €5 billion in macro-financial aid, €1.8 billion in investments, and €600 million in grants. This funding supports trade, renewable energy, culture, education, and other initiatives aimed at driving Egypt’s economic and social development.
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