European Commission President Ursula von der Leyen spoke Saturday at a conference in Cairo to mark the signing of an agreement that will see the EU invest 1 billion euros ($1.1 billion) in Egypt.
“Egypt and Europe are now closer than ever before. This is a real win-win situation for Egypt and Europe,” said von der Leyen.
The €1 billion financing deal is the first tranche of a larger €7.4 billion package announced by von der Leyen in March. The money will be invested in sectors including clean energy, manufacturing and food security, the commission said.
Von der Leyen was speaking at a joint investment conference in Cairo aimed at encouraging European companies wanting to invest in Egypt.
The money will “accompany and boost Egypt’s reform agenda,” von der Leyen said. “These reforms will promote a stronger business climate and attract more investment and create more good jobs in Egypt.”
Von der Leyen was accompanied by two other EU commissioners: Neighbourhood Commissioner Olivér Várhelyi and Economy Commissioner Vladis Dombrovskis, who will sign the deal on behalf of the EU.
“This conference marks the first implementation steps towards improving relations and reflects the commitment of Egypt and the EU to move beyond the commitment phase to the implementation phase,” Egyptian President Abdel Fattah al-Sissi said in a statement. a speech at the conference. conference in Cairo.
“The convening of this conference comes at a very delicate time amid successive international and regional crises. Egypt has proven to be a reliable partner in addressing common challenges in a way that achieves security and stability,” he said.
