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Egypt, EU explore future economic relations: Planning and International Cooperation Minister Rania Al Mashat met with Dubravka Šuica, the EU’s new Commissioner for the Mediterranean, to discuss the future of economic relations between Egypt and the European Union, according to a statement. The meeting, attended by EU Ambassador to Cairo Angelina Eichhorst and officials from the European Investment Bank and European Commission, focused on enhancing the strategic partnership between the two sides.
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The two officials discussed unlocking promised funds and mobilizing even more: The meeting also discussed implementing the second phase of the EU’s macro-financial assistance and budget support program, worth EUR 4 bn. Egypt received the first EUR 1 bn of the EUR 5 bn package late December and is expected to finalize its agreement with the EU to receive the remaining EUR 4 bn by June.
That’s not all: The Planning Ministry is also coordinating with relevant ministries to formulate programs for the wider EUR 7.4 bn financing package. Al Mashat also noted that work is underway to establish an investment guarantee mechanism between Egypt and the EU, which aims to activate EUR 1.8 bn in European investment guarantees to mobilize around EUR 5 bn in investments for green transformation and other priority sectors.
REMEMBER- Last year, the EU pledged a EUR 7.4 bn package of loans, grants, and investments through to 2027. The package includes EUR 5 bn in concessional loans to provide macro-financial assistance, EUR 1.8 bn of additional investments under the Southern Neighborhood Economic and Investment Plan, and EUR 600 mn in grants.
Šuica first day in town was also plenty eventful: During her first day of her Egypt visit, Šuica met with a number of high-level officials including President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, and Foreign Minister Badr Abdelatty. She also inked an EUR 90 mn loan with the Madbouly government, which will go towards supporting Egypt’s food resilience.
