Egypt, EU ink memo of understanding with EU for four billion dollars
(MENAFN) According to reports, Egypt has finalized a memorandum of understanding with the European Union for a €4 billion ($4.6 billion) financial support package aimed at boosting economic cooperation and advancing domestic reforms.
The signing took place at the inaugural Egypt-EU Summit in Brussels, attended by Egyptian President Abdel Fattah al-Sisi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa.
Egyptian Minister of Planning and Economic Development Rania al-Mashat formalized the agreement with EU Commissioner for Economy and Productivity Valdis Dombrovskis, signing a joint declaration that outlines the €4 billion support package.
Additionally, Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for Startups, Research and Innovation Ekaterina Zaharieva signed an agreement for Egypt’s participation in Horizon Europe, the bloc’s primary research and innovation funding initiative. Al-Mashat also signed a joint statement with EU Commissioner for Democracy and Demography Dubravka Suica regarding a financing plan to support Egypt’s local social and economic reform projects.
The summit aimed to expand a strategic partnership initially announced in March 2024. Addressing an economic forum held alongside the summit, President Sisi described Egypt as being “on the threshold of a new phase of economic cooperation with the European Union.” Speaking to representatives of European and Egyptian companies, as well as international financial institutions, he emphasized the need for “a mutually beneficial investment partnership.”
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