European Commission President Ursula von der Leyen spoke Saturday at a conference in Cairo to mark the signing of an agreement that will see the EU invest 1 billion euros ($1.1 billion) in Egypt.
“Today, Egypt and Europe are closer than ever before, so this is a true win-win partnership for both Egypt and Europe,” said Von der Leyen.
The €1 billion financing deal is the first tranche of a larger €7.4 billion package announced by von der Leyen in March. The money will be invested in sectors such as clean energy, manufacturing and food security, according to the commission.
Von der Leyen was speaking at a joint investment conference in Cairo aimed at promoting ventures in Egypt by European companies.
The money will “accompany and boost Egypt’s reform agenda,” von der Leyen said. “These reforms will promote a stronger business climate and attract more investment and create more good jobs in Egypt.”
Von der Leyen was accompanied by two other EU commissioners: Neighbourhood Commissioner Olivér Várhelyi and Economy Commissioner Valdis Dombrovskis, who will sign the deal on behalf of the EU.
“This conference marks the first implementation steps towards improving relations and reflects the commitment of Egypt and the EU to move beyond the phase of commitments to the phase of implementation,” Egyptian President Abdel Fattah al-Sissi said in a speech at the conference in Cairo.
“The convening of this conference comes at a very delicate time amidst successive international and regional crises. Egypt has proven to be a reliable partner in addressing common challenges in a way that achieves security and stability,” he said.
