Egypt, EU Formalize Economic Support Agreement
(MENAFN) Egypt revealed on Wednesday that it has finalized a memorandum of understanding with the European Union, securing a €4 billion ($4.6 billion) financial aid package.
This initiative is part of ongoing efforts to bolster economic collaboration and implement domestic reforms.
The signing event took place during the inaugural Egypt-EU Summit in Brussels, with Egyptian President Abdel Fattah al-Sisi present alongside European Commission President Ursula von der Leyen and European Council President Antonio Costa.
This information was shared by Egypt’s State Information Service in an official statement.
According to the statement, Egyptian Minister of Planning and Economic Development Rania al-Mashat inked a joint declaration with Valdis Dombrovskis, the EU Commissioner for Economy and Productivity, which encompasses the memorandum of understanding related to the €4 billion aid package.
Furthermore, Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for Startups, Research, and Innovation Ekaterina Zaharieva endorsed a memorandum that facilitates Egypt’s involvement in Horizon Europe, the EU’s principal program for research and innovation funding.
In addition, al-Mashat collaborated with EU Commissioner for Democracy and Demography Dubravka Suica by signing a joint declaration concerning a financing agreement designed to back Egypt’s local social and economic reform projects.
The purpose of the Egypt-EU Summit was to enhance a strategic alliance first announced in March 2024.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
