EU-Egypt investment mechanism to mobilise €5b by ’27 – Sannino

The EU-Egypt Investment Guarantee Mechanism for Development expected to mobilise up to €5 billion in public and private investments between 2024 and 2027 according to Directorate-General for the Middle East, North Africa and the Gulf at the European Commission Stefano Sannino.

He made the announcement during his speech at the Development Financing to Foster Private Sector-Led Growth & Jobs conference, organised by Egypt’s Ministry of Planning and Economic Development.

The mechanism, part of the Team Europe approach, supports sustainable growth and the green transition and comes nearly a year after the successful EU-Egypt Investment Conference, which opened up numerous European investment opportunities in the country.

Sannino further affirmed that the European Union is stepping up efforts to support private sector empowerment and its role in driving development, particularly in key sectors such as renewable energy.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama