Egypt, EU sign 35 agreements, MoUs worth $72.4B

Egyptian Prime Minister Mostafa Madbouly announced Sunday that his country has signed 35 agreements and memoranda of understanding worth €67.7 billion ($72.4 billion) with European companies and institutions.

Madbouly was speaking at the conclusion of the Egyptian-European Investment Conference in Cairo.

The conference, held Saturday and Sunday, was attended by Egyptian President Abdel Fattah al-Sisi and European Commission President Ursula von der Leyen.

During the closing session of the gathering, which was also attended by EU Ambassador to Egypt Christian Berger, Madbouly said he hopes to hold the conference annually to “support, follow up and activate aspects of joint cooperation,” according to a statement by the Egyptian Cabinet.

Describing the conference as "successful," he said its second edition will be held in 2025, without specifying an exact date.

Madbouly said “the conference witnessed the signing of 29 agreements and memoranda of understanding worth €49 billion with companies affiliated with the European Union.”

He added that they signed “six agreements and memoranda of understanding worth €18.7 billion with other alliances and companies, whether European, non-EU or with companies of different nationalities but aimed at exporting to the European Union.”

The agreements included projects in areas such as “green hydrogen, electric vehicles, infrastructure, sustainable transportation and information and communication technology,” according to the statement.

In his opening speech at the conference, al-Sisi noted that relations between Egypt and the EU “are witnessing positive developments in various fields of cooperation.”

He added that this development was crowned with the signing of a political declaration to elevate relations between the two sides to the level of a comprehensive strategic partnership in March.

In March, the EU announced that it would provide Egypt with a financing package worth €7.4 billion between 2024 and 2027 and that total European financing for Egypt over the past four years amounted to approximately $12.8 billion.