{"id":521763,"date":"2025-10-23T08:47:22","date_gmt":"2025-10-23T08:47:22","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/521763\/"},"modified":"2025-10-23T08:47:22","modified_gmt":"2025-10-23T08:47:22","slug":"egypt-eu-sign-e4b-financial-support-package-during-brussels-summit","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/521763\/","title":{"rendered":"Egypt, EU sign \u20ac4B financial support package during Brussels summit"},"content":{"rendered":"

ISTANBUL <\/strong><\/p>\n

Egypt announced Wednesday that it signed a memorandum of understanding with the European Union for a \u20ac4 billion ($4.6 billion) financial support package as part of efforts to strengthen economic cooperation and local reforms.<\/p>\n

Egyptian President Abdel Fattah al-Sisi attended the signing ceremony alongside European Commission President Ursula von der Leyen and European Council President Antonio Costa during the first-ever Egypt-EU Summit held in Brussels, according to a statement from Egypt\u2019s State Information Service.<\/p>\n

The statement said that Egyptian Minister of Planning and Economic Development Rania al-Mashat signed a joint declaration with Valdis Dombrovskis, the EU\u2019s Commissioner for Economy and Productivity, covering a memorandum of understanding for the \u20ac4 billion support package.<\/p>\n

Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for Startups, Research and Innovation Ekaterina Zaharieva also signed a memorandum for Egypt\u2019s participation in Horizon Europe, the EU\u2019s main research and innovation funding program.<\/p>\n

Additionally, al-Mashat signed a joint statement with EU Commissioner for Democracy and Demography Dubravka Suica on a financing agreement to support Egypt\u2019s local-level social and economic reform initiatives.<\/p>\n

The Egypt-EU Summit aimed to deepen a strategic partnership announced in March 2024.<\/p>\n

In a speech at an economic forum held alongside the summit, President Sisi declared that Egypt stands \u201con the threshold of a new phase of economic cooperation with the European Union,\u201d according to a statement from the presidency.<\/p>\n

Speaking before representatives of European companies, Egyptian firms and international financial institutions, Sisi called for \u201ca mutually beneficial investment partnership.\u201d<\/p>\n

He said Egypt offers \u201creal opportunities\u201d in strategic sectors including pharmaceuticals and vaccines, automotive and electric vehicles, fertilizers and petrochemicals, renewable and green hydrogen energy, microchips, artificial intelligence, defense industries, and logistics infrastructure.<\/p>\n

Sisi emphasized the \u201cimportance and weight of the economic partnership between Egypt and the EU,\u201d noting that the bloc was Egypt\u2019s top trading and investment partner in 2024, accounting for about 27% of the country\u2019s foreign trade, with EU companies holding 32% of all the foreign direct investment stock of the country.<\/p>\n

He also said discussions covered plans to establish a European investment corridor in Egypt to serve as a gateway to African and Arab markets and to integrate Egypt more deeply into European supply chains.<\/p>\n

\u201cThe event is not the result of the moment,\u201d Sisi said, \u201cbut the continuation of a growing path that began in March 2024, when we agreed to elevate Egypt\u2013EU relations to the level of a comprehensive strategic partnership, followed by the first Egypt\u2013EU Investment Conference in June 2024.\u201d<\/p>\n

Sisi arrived in Brussels earlier Wednesday, according to the Egyptian presidency, which said he is attending the first Egypt\u2013EU Summit as part of an official visit to Belgium.<\/p>\n


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