EU to invest $5.44 bn in Egypt in multiple fields of modern economy
19 Mar 24 1 min read
Insights
- Egypt and the EU have agreed to elevate their ties to the level of a strategic and comprehensive partnership.
- The EU will back Egypt's efforts to enhance its business and investment environment, facilitating trade and investment flows.
- It will invest up to $5.44 billion in Egypt in multiple fields, including renewable energy and advanced industrialisation.
The EU will support Egypt's ongoing efforts to enhance its business and investment environment, facilitating trade and investment flows in line with its international obligations, in particular those in relation to the EU.
The EU will invest up to €5 billion (~$5.44 billion) in Egypt in multiple fields of modern economy, including renewable energy and renewable hydrogen, advanced industrialisation, agriculture, connectivity and digitalisation. It will also offer guarantees under the European Fund for Sustainable Development and Economic Investment Plan.
Both sides agreed to step up cooperation with a particular focus on renewable energy sources, energy efficiency actions as well as the cooperation on other safe and sustainable low-carbon technologies.
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The EU is also committed to supporting the work of the East Med Gas Forum with a view to strengthen energy cooperation and security of gas supply in the region and gas trade with the EU.
The strategic partnership will enhance cooperation to fully implement and unleash the potential of the Free Trade Area of the Association Agreement.
Fibre2Fashion News Desk (DS)
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