Egypt and the European Union (EU) solidified their partnership by signing four financing agreements worth €300 million on the sidelines of the Egypt-EU Investment Conference 2024. The conference, held in Cairo on June 29-30, marked a significant step forward in implementing the Egypt-EU Strategic and Comprehensive Partnership established earlier this year.
The grant package, signed by Minister Rania Al-Mashat and Commissioner Olivér Várhelyi, targets various sectors crucial for Egypt’s development. The centerpiece is the €263 million “Cross-border cooperation program for the Mediterranean Sea basin phase III,” which will bolster private sector growth in sustainable tourism, cultural preservation, digitalization, agriculture, and renewable energy.
Investing in Egypt’s youth is another key focus. A €25 million grant will support the “EU support to youth employment and skills in Egypt program,” enhancing technical and vocational skills for better job prospects and entrepreneurship.
Child protection also received a €8 million boost through the “EU Support to the Next Generation” program. This initiative strengthens child protection frameworks, combats child labor, and ensures children’s access to education, healthcare, and essential needs.
The final agreement, “Special measures to enhance the African Continent’s capacity to manufacture vaccines and medicines and apply health technologies,” contributes €3 million. This program aims to establish local vaccine production, foster an environment conducive to medical technology development, and cultivate research and development expertise.
The Egypt-EU Investment Conference 2024 brought together high-level government officials, development partners, and representatives from prominent businesses and organizations. This gathering signifies the commitment of both Egypt and the EU to fostering a strong and mutually beneficial partnership.
