CAIRO—The Egyptian capital, Cairo, played host to a significant investment conference between Egypt and the European Union (EU). The high-profile event was attended by Egyptian President Abdel Fattah el-Sissi and the European Commission Chief, Ursula von der Leyen. The conference resulted in the signing of investment deals amounting to billions of dollars.
This conference comes at a time when Egypt is facing severe economic challenges, including rising debt, inflation, and currency shortages. To help the country overcome these difficulties, the EU had agreed to a $7.9 billion funding package in March.
The package consists mainly of short- and medium-term loans. In return, Egypt is expected to increase its energy exports to Europe and take measures to address the issue of irregular migrants.
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The EU has also entered into similar agreements with Tunisia, Mauritania, and Libya, which has drawn criticism from human rights groups. Egypt’s vast natural gas reserves make it a crucial partner for the EU in its efforts to reduce its dependence on Russian energy.
President Sissi highlighted Egypt’s attractiveness for European investors, and EU Chief Ursula von der Leyen announced that European companies had signed over 20 deals worth more than 40 billion Euros during the conference.
