Brussels: Europe and the Arabs
The President of the European Commission, Ursula von der Leyen, will travel to Cairo to participate in the EU-Egypt Investment Conference, where she will deliver the opening speech with the President of the Arab Republic of Egypt, His Excellency the Egyptian President. Abdel Fattah El-Sisi, tomorrow, Saturday, June 29. According to a statement issued by the Commission’s headquarters in Brussels today, Friday.
The statement added, “The Joint Investment Forum, which will be held in Cairo on June 29 and 30, is one of the first major outcomes of the strategic and comprehensive partnership between Egypt and the European Union that was agreed upon by the two presidents in March 2024. The partnership covers political relations, economic stability, investments, trade, migration, mobility, and security.” Demographics, and human capital.
President von der Leyen will be accompanied by Executive Vice President Valdis Dombrovskis and Neighborhood and Enlargement Commissioner Oliver Varhelyi. The conference will bring together around 1,000 participants, including Egyptian and EU ministers, senior officials, European financial institutions and executives from a wide range of sectors from both the EU and Egypt.
Executive Vice President Dombrovskis, on behalf of the European Union, will sign a Memorandum of Understanding for short-term macro-financial assistance of up to EUR 1 billion to support Egypt’s economic reform program designed to enhance the resilience and potential of the Egyptian economy. It is part of a €7.4 billion package announced by President von der Leyen in March to support the strategic and comprehensive partnership with Egypt. The conference will witness a large number of signings of investment deals with European companies in addition to bilateral cooperation agreements with the European Union to enhance employment, skills, vaccine manufacturing, food security and sustainable development.
The conference aims to promote investment opportunities in key sectors such as renewable energy, including renewable hydrogen, circular economy, manufacturing (pharmaceutical, medical and automotive sectors), agriculture/food and water security, innovation and digitalisation. These sectors were identified by both sides for their ability to contribute to sustainable development and economic diversification in Egypt.