National News

EU signs $1.1 bn financing deal for Egypt at investment forum in Cairo

Jun 30, 2024

Cairo [Egypt], June 30: The European Union and Egypt on Saturday signed an agreement that will see the EU invest up to €1 billion ($1.1 billion) in the populous Arab country as part of a strategic partnership. The €1 billion financing agreement is the first tranche of a larger €7.4 billion package that European Commission President Ursula von der Leyen announced in March. The money will be invested in sectors including clean energy, manufacturing and food security, according to the commission. The deal was signed by EU Trade Commissioner Valdis Dombrovskis and Egyptian Minister of International Cooperation Rania al-Mashat at an EU-Egypt investment conference in Cairo. The conference, taking place on Saturday and Sunday, is intended to promote ventures in Egypt by European businesses. Von der Leyen addressed the conference, lauding ties with Egypt. (dpa)