Egypt inks €67.7 Billion deals with European partners

Egyptian Prime Minister Mostafa Madbouly announced that Egypt has finalized 35 agreements and memoranda of understanding worth €67.7 billion ($72.4 billion) with European companies and institutions.

The deals were sealed during the Egyptian-European Investment Conference held in Cairo over the weekend, attended by Egyptian President Abdel Fattah al-Sisi and European Commission President Ursula von der Leyen.

According to Madbouly, 29 agreements and memoranda of understanding worth €49 billion were secured with EU-affiliated companies, while €18.7 billion were with other international alliances targeting European markets.

The agreements include green hydrogen, electric vehicles, infrastructure, sustainable transportation, and information technology, reflecting a robust diversification strategy in Egypt’s economic agenda.

Madbouly, who emphasized the success of the conference, stated that plans are to make the conference an annual event to enhance joint cooperation initiatives, noting that the next edition will be held in 2025, without specifying an exact date.

In his opening speech at the conference, President AbdulFattah El-Sisi noted that relations between Egypt and the EU are witnessing positive developments in various fields of cooperation, adding that this development advanced with the signing of a political declaration to elevate relations between the two sides to the level of a comprehensive strategic partnership in March.

The EU had in March this year announced that it would provide Egypt with a financing package worth €7.4 billion between 2024 and 2027.