- Egypt, EU Sign €292M Cooperation Deals for Development of Sustainable Tourism, Green Energy, Youth Empowerment, Agriculture, Health Technologies
- Egyptian, European companies signed multi-billion-euro deals for green energy production during the Egypt-EU Investment Conference in Cairo
- EU and Egypt signed bilateral agreements to :
- boost regional coop to foster sustainable deve. €263m
- support employment & skills for youth €25m
- support resilience of future generations €8m
- enhance capacities & access to medicines,vaccines & tech. €3m
By; Muhammad Arif
Cairo: Egypt, EU have signed €292M partnership deals during the on-going Egypt-EU Investment Conference in Cairo to expand multilateral cooperation for the development of various sectors, including sustainable tourism, green energy production, technical and vocational skills for the youth, agriculture and medical and health technologies, child protection, and vaccine production.
These four financing agreements with a total value of €292 million, funded through grants by the EU were signed by Minister of International Cooperation Rania Al-Mashat and the European Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi.
The two day Egypt-EU Investment Conference is underway at Cairo’s Al Manara International Conference Center.
The first cooperation agreement, under the cross-border cooperation for Mediterranean basin countries program (phase III), will receive €263 million in funding from the EU.
The deal accounts for 89% of the total program financing for 15 countries.
The development program aims to support private sector development, focusing on sectors such as sustainable tourism, cultural heritage, creative industries, digital transformation, agriculture, blue and circular economy, education and training, energy, and green construction.
The second partnership agreement, worth €25 million, aims to support youth in acquiring various skills, including technical and vocational skills, for employment, fair-income jobs, and entrepreneurship.
The third cooperation deal, with a grant of €8 million, aims to support the national approach to child protection systems in Egypt.
The fourth partnership deal, with a grant of €3 million, aims to strengthen local vaccine manufacturing and support the conducive environment for medical and health technologies through research and skills development.
In addition to these business and economic development agreements, Egypt and several European companies signed multi-billion-euro deals for green energy production during the conference today.
The conference, themed “Unlocking Egypt’s Advantages in a Fast-Changing World,” focuses on the role of renewable energy in shaping a brighter future for Egypt.
It addresses various topics of cooperation, including the green economy, circular economy, financial vehicles for investment, technology and entrepreneurship, as well as food and water security.
The Egypt-EU Investment Conference brings together government officials from Egypt and the EU, industry experts, and influential business leaders to explore investment opportunities.
It highlights Egypt’s economic reforms aimed at enhancing competitiveness, promoting a green transition, and ensuring resilience in the face of global challenges.
Also, European Union signed a Memorandum of Understanding (MoU) for the disbursement to Egypt of up to €1 billion in Macro-Financial Assistance. These MoU signatures are the first concrete deliverables of the Strategic and Comprehensive Partnership.
“Today we are reaping the fruits of the friendship between Egypt and the European Union.. Egypt is an important country in the region and its development is beneficial to the regional ocean. We support Egypt’s plans and its aim to become a clean energy center” said the President of the European Commission during the Egyptian European Investment Conference.
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