Egypt, EU sign €292m deals to support private sector, youth, child protection and vaccine production

Egyptian Minister of International Cooperation Rania Al-Mashat and European Commissioner for Neighbourhood and Enlargement Olivér Várhelyi shake hands during the signing of four financial agreements – Office

CAIRO – 29 June 2024: Minister of International Cooperation Rania Al-Mashat and European Commissioner for Neighbourhood and Enlargement Olivér Várhelyi signed four financing agreements worth a total of €292 million, financed by an EU grant.

The agreements were signed during the Egypt-EU investment conference held on June 29-30 at the Al Manara International Conference Center in Cairo.

The first contract, under the Mediterranean cross-border cooperation programme (phase III), will receive EUR 263 million in EU funding.

This represents 89% of the total programme funding for the 15 countries.

The program aims to support private sector development, focusing on sectors such as sustainable tourism, cultural heritage, creative industries, digital transformation, agriculture, blue and circular economy, education and training, energy and green buildings.

The second agreement, worth €25 million, aims to support young people in acquiring a variety of skills, including technical and vocational skills, needed for employment, decent income work and entrepreneurship.

The aim of the third agreement, which includes a grant of EUR 8 million, is to support a national approach to child protection systems in Egypt.

The fourth agreement, with a grant of €3 million, aims to strengthen local vaccine production and create an enabling environment for medical and health technologies through research and skills development.

In addition to these agreements, Egypt and several European companies signed multi-billion euro deals for green energy production during the conference today.

The conference, titled “Unlocking Egypt’s Advantage in a Rapidly Changing World,” focuses on the role of renewable energy in shaping a brighter future for Egypt.

It addressed various issues of cooperation, including the green economy, the circular economy, financial instruments for investment, technology and entrepreneurship, as well as food and water security.

The Egypt-EU Investment Conference brings together Egyptian and EU government officials, industry experts and influential business leaders to explore investment opportunities.

It highlights Egypt’s economic reforms aimed at increasing competitiveness, promoting a green transition and ensuring resilience in the face of global challenges.