Egypt-EU new deals to serve SDGs with billions of EU investments

Egypt-EU new deals to serve SDGs with billions of EU investments
30 / 06 / 2024
By Marwa Nassar - -

The EU has engaged in partnership deals with Egypt under which billions will be injected to serve the Sustainable Development Goals (SDGs), including helping Egypt to become a clean energy hub in addition to creating jobs and supporting macro-financial assistance.

During the EU-Egypt Investment Conference on Saturday, EU President von der Leyen said “we sign the first EUR 1 billion in macro-financial assistance. This package will accompany and incentivize Egypt’s reform agenda that the private sector needs. And these reforms will foster a stronger business environment, attract more investment and create more good jobs in Egypt.”

“Second, with our Strategic Partnership we have committed to step up our strategic investments in Egypt. Now we aim to mobilize new European investments worth EUR 1.8 billion. This will go to the strategic sectors we have identified together last March. Let me just give one example. Egypt has the ambitious goal of becoming a clean energy hub. And this is in Europe’s interest too. Such a clean energy hub would put Egypt at the center of the Mediterranean crossroads, with new corridors to transport clean electricity and hydrogen, but also creating new clean-tech value chains that span across our region, from the Gulf to Europe. Today, we rely on batteries, solar panels and wind turbines that are mostly produced far away. What if we joined forces to produce them in our common region? We are now investing in this vision, like never before,” she said.

“To achieve this, we also have to strengthen the skills that Egyptians need to thrive in the economy of tomorrow. This is my third and last example. Today, we are signing a new project, worth EUR 25 million, to provide clean-tech and digital training to young Egyptians. So that companies find skilled personnel, and Egyptians can find good jobs and make their living,” she highlighted.

“We are backing our new partnership with substantial public investments. But what truly makes a difference is that the private sector is also on board. With our Strategic Partnership we have created a framework of trust and of certainty about the future direction of our relationship. This is exactly the message the private sector needs and expects, rightly so, to hear from us. Our commitment to support Egypt in its reforms has already sparked private sector action. The response we have received since last March has been overwhelming. At this Conference, European companies are signing over 20 new deals or MoU’s with Egyptian partners, which are worth over EUR 40 billion. We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and automotive. You cover all the priorities that we have set out in our new partnership. And this is crucial,” she added.

Europe is already Egypt’s largest trade partner and investor, accounting for 40% of your foreign direct investments. And with our new agreement, we have decided to reach a new level of strategic engagement between us. You are a gateway to Europe, between Africa and the Middle East, and between the Mediterranean and the Indo-Pacific. So your stability and prosperity are essential for an entire region.

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