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EU allocates €135 m for Egypt’s food resilience, renewable energy under €7.4 bn support package
The European Union announced allocating €135 million for food resilience and boosting renewable energy as part of a €7.4 billion financial and investment support package for Egypt for 2024-202 within the framework of their strategic and comprehensive partnership.
President Abdel Fattah El Sisi and President of the European Commission Ursula von der Leyen signed the joint political declaration document to elevate relations between Egypt and the European Union to the level of strategic and comprehensive partnership.
The financial package includes €600 million in grants, including €200 million for migration management €5 billion in concessional loans (macro-financial assistance) €1.8 billion of additional investments, under the Southern Neighborhood Economic and Investment Plan.
Projects under the Southern Neighborhood Economic and Investment Plan Energy transition and energy security Support the Nexus Water, Food and Energy Initiative, as part of Egypt’s climate strategy.
Through €35 million in grants, the EU will support Egypt’s objective of installing additional renewable energy capacities and improving energy efficiency of electricity generation.
The EU will also support the regional MEDUSA Submarine optical fiber cable of 7,100 km connecting North African countries and the two shores of the Mediterranean to manage growing volumes of data and improve connectivity.
As for food security, the EU will also help mitigate the impact of Russia’s war in Ukraine on food security in the southern Neighborhood, the European Commission created a “Food and Resilience Facility”, with €100 million for Egypt to expand grain storage capacity and production.
The EU will also improve wastewater infrastructure and services in Egypt and to reduce pollution and improve public health, especially expansion and upgrade of the Helwan Wastewater Treatment Plant in the Greater Cairo Area as well as improving wastewater infrastructure and access to sanitation services in the Fayoum Governorate in Egypt.
The financial package will support Egypt’s macro- and socio-economic reforms, including with macro-financial assistance, alongside international partners.
The EU also invests in interconnections between the two shores of the Mediterranean (GREGY project) and in Egypt’s renewable hydrogen industry.
It will provide support to attract private investments, mobilize investments to modernize the economy, including the green and digital transition, especially under the Southern Neighborhood Economic and Investment Plan.
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