EU welcomes in “golden age of EU-Egypt relations” with EUR 9 bn of investments pledge: Following the meeting of the EU-Egypt Association Council, EU Commissioner Olivér Várhelyi told the press that their Economic and Investment Plan will mobilize EUR 9 bn to invest in “growth and jobs in Egypt in areas that are the most critical, food, water, energy for any sustainable economy,” according to a statement from the EU.

The caveat: Out of the EUR 9 bn, “we have already mobilized EUR 5.8 bn in investments in Egypt,” Várhelyi said. It is also unclear how much of the remaining EUR 3.2 bn is part of a concrete pledge from the EU and its associated bodies or an investment target from private EU sector companies.

Déjà vu? We heard rumors back in November that EU could be putting together a plan to mobilize as much as EUR 9 bn of investment alongside debt relief measures to help stabilize the economy and curb migration across the Mediterranean

No new money for taking in refugees? Várhelyi praised “the very hard work Egypt has been doing relentlessly” by hosting large refugee and migrant communities — totaling 9 mn people — and pledged “to increase our support”. The EU commissioner pointed to investments in border protection and search and rescue vessels, but no made no mention of fresh funds on the table in exchange for hosting refugees and preventing irregular migration across the Mediterranean, as had previously been rumored to be the case.

The EU is keeping Egypt on side as the war in Gaza presses on: EU officials are keen to step up bilateral ties with Egypt amid Egypt’s mediatory role in the war on Gaza and its efforts to deliver humanitarian aid, European Parliament member David McAllister said yesterday morning, according to a Foreign Ministry statement. The EU shares Egypt’s concern for the “disastrous humanitarian situation in Gaza” and the two called for the protection of civilians, the immediate and unconditional delivery of aid and “affirmed their strong rejection of any form of individual or collective displacement,” said a joint statement following the meeting.

GERD lip service: “Recognizing Egypt’s heavy reliance on the Nile River in a context of its water scarcity, the EU reiterates its support to Egypt’s water security and the compliance with international law,” the joint statement said, adding that the “do no harm’ principle serves as a guiding principle in the European Green Deal.”

Pep talk: “And I want to reassure Minister Shoukry that we are here for the long haul. We’re here to establish this partnership on solid foundations and to accompany Egypt in its biggest challenges, because we also need Egypt to be on our side in our biggest challenges,” Várhelyi said at the end of his joint press conference with Shoukry.

DATA POINT- Egypt-EU partnerships under the Team Europe Initiatives have channeled USD 12.8 bn into Egypt’s public and private sectors in the last four years, International Cooperation Minister Rania Al Mashat said in a statement yesterday.

What’s next: The EU was keen to hype up its International Investment Conference in Egypt coming up in May to “further deepen Egypt-EU business exchanges in order to enhance the overall business environment and to encourage European public and private investments to benefit from the available investment potentials in Egypt.”

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