European companies are signing investment deals potentially exceeding 40 billion euros ($42.85 billion) with Egypt, European Commission President Ursula von der Leyen announced at the start of an investment conference on Saturday.
These agreements, comprising over 20 new deals or MOUs, come on the heels of a 7.4 billion euro EU funding package and an upgraded relationship with Egypt established in March. The initiatives aim to stabilize Egypt’s economy and curb migrant flows to Europe.
European officials emphasize their goal to support Egypt, which has faced multiple challenges including the war in Ukraine and the COVID-19 pandemic, by bolstering investment and the private sector.
“Your stability and your prosperity are essential for an entire region,” von der Leyen stated at the opening of the two-day Egypt-EU investment conference in Cairo.
Von der Leyen mentioned that the investments span various sectors including hydrogen, water management, construction, chemicals, shipping, and aviation.
Egyptian President Abdel Fattah al-Sisi highlighted the broad scope of the Egypt-EU partnership, covering areas such as trade, energy, and infrastructure.
“The conference will allow countries and European economic entities to explore investment opportunities available in Egypt,” Sisi added.
This year, Egypt has secured substantial foreign financing and pledges from the United Arab Emirates, the International Monetary Fund, the World Bank, and the EU.
These funds have alleviated a prolonged foreign currency crisis as Egypt contends with the impacts of conflicts in the neighboring Gaza Strip and Sudan.
Sisi noted that the conference occurs at a “critical time” due to ongoing international and regional crises, underscoring the need for coordinated efforts between Europe and Egypt.
