Egypt EU Investment Conference
This funding was provided by the European Union as part of a larger financing package of €7.4 billion allocated to Egypt.
Hossam Heiba, CEO of the Egyptian General Authority for Investment and Free Zones (GAFI), announced the ambitious target, stating that FDI reached $6 billion in the first half of the previous fiscal year. He added that a recent deal in Ras El-Hekma is expected to further increase the final figure for 2023-2024.
He emphasized Egypt's commitment to its economic reform program and its deep belief in strengthening the partnership with the EU.
The initial agreement, known as the green sustainable industries project agreement, is valued at €271m. It was signed by Rania Al-Mashat, the Minister of MoIC, and Yasmin Fouad, the Minister of Environment.
The agreements, between the Sovereign Fund of Egypt (TSFE) and European developers, aim to bolster Egypt's renewable energy infrastructure, explained a cabinet statement on Sunday
On the sidelines of day two of the Egypt-EU investment conference, PM Madbouly underscored Egypt's commitment to economic reform and its impact on fostering a conducive investment climate, citing achievements such as stabilizing the foreign exchange rate and supporting the private sector
The agreements were signed during the Egypt-EU Investment Conference held at Cairo's Al Manara International Conference Center on June 29-30
A green hydrogen project, to be established in Gargoub, west of Matrouh, will require a total investment of €24 billion.
This follows the signing of the first tranche of Macro-Financial Assistance (MFA) to support the overall economy and budget deficit, totaling €1 billion, by Rania Al-Mashat, Minister of International Cooperation, and Valdis Dombrovskis, Executive Vice-President of the European Commission, during the Egyptian-EU Investment Conference.
The conference, themed "Unlocking Egypt's Advantages in a Fast-Changing World" will delve into Egypt's economic potential, including its business prospects
Themed "Unlocking Egypt's Advantages in a Fast-Changing World," the conference will delve into Egypt's economic potential, including its business climate and investment prospects
