EU and Egypt strengthen investment opportunities at Investment Conference in Cairo
EU-Egypt Investment Conference
On Saturday 29 June, President von der Leyen participated in the EU-Egypt Investment Conference in Cairo together with Egyptian President Abdel Fattah El-Sisi. The conference brought together over 1,000 business and government representatives from both sides with the aim of making the best out of numerous business opportunities between the EU and Egypt.
The conference follows the signature of the Strategic and Comprehensive Partnership between the EU and Egypt last March, which opened a new era in EU-Egypt relations. “It has been only 100 days since we opened a new era of friendship between Egypt and the European Union. And today, we are already reaping the fruits,” President von der Leyen said at the conference.
The President announced the conclusion of over 20 deals between European companies and Egyptian partners, worth over €40 billion, in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and automotive.
Furthermore, the EU and Egypt signed a Memorandum of Understanding for a Macro-Financial Assistance operation of €1 billion. The memorandum lays out the reforms that Egypt will take forward in order to receive the funds. The proposed policy actions revolve around three pillars: promoting macroeconomic stability, improving the business environment and enhancing Egypt's competitiveness, and supporting Egypt's green transition.
In line with the Strategic and Comprehensive Partnership, a second operation of €4 billion could follow later on, once adopted by the European Parliament and the Council.
The EU and Egypt signed another project for €25 million which will focus on the training of young Egyptians to develop and strengthen clean-tech and digital skills.
President von der Leyen hailed the signature of both agreements saying that “these reforms will foster a stronger business environment, attract more investment and create more good jobs in Egypt.”
The President closed her speech at the conference with an optimistic outlook on the future of bilateral relation and on the mutual benefits that will stem from it: “In just 100 days, we have already brought new energy into our partnership. And this is just the beginning. Today, Egypt and Europe are closer than ever before. So this is a True win-win partnership, for Egypt and for Europe alike, for the people and for business, and of course for the common good,” President von der Leyen concluded.
More information
Speech by President von der Leyen at the EU-Egypt Investment Conference
Factsheet - EU-Egypt: Strategic and Comprehensive Partnership
Joint Declaration on the Strategic and Comprehensive Partnership between The Arab Republic Of Egypt and the European Union (March 2024)
Press statement by President von der Leyen with Austrian Chancellor Nehammer, Belgian Prime Minister De Croo, Cypriot President Christodoulides, Greek Prime Minister Mitsotakis, Italian Prime Minister Meloni and Egyptian President El-Sisi (March 2024)
