European Commission President Ursula von der Leyen announced on Saturday that European companies had signed more than 20 new agreements with a total value of more than 40 billion euros at the Egyptian-European Investment Conference.
Von der Leyen said in a speech during the opening of the conference held in Egypt, “Only 100 days have passed since the beginning of a new era of friendship between Egypt and the European Union, and we have begun to reap the fruits of this close relationship.”
She added, “Europe is Egypt’s largest trading partner and investor, and European investments constitute about 40% of direct foreign investments in Egypt.”
Von der Leyen noted that the European Union pledged three months ago to provide more financial aid to Egypt, more investment in strategic sectors and increased workers’ skills.
“In March, we announced a large financing and investment package for Egypt worth 7.4 billion euros,” she added.
“Today we are signing the first billion euros in financial assistance, and this package will support the reform agenda that the private sector in Egypt needs,” she added.
She stressed the European Union’s commitment to increasing strategic investments in Egypt, adding, “We aim to activate new European investments worth 1.8 billion euros.”
Von der Leyen revealed that European companies signed more than 20 new agreements or memoranda of understanding with their Egyptian partners during the conference, worth more than 40 billion euros.
