Egypt secures €1.8B investment guarantees from EU
Egypt has secured a €1.8 billion investment guarantees from the European Union (EU), aiming to boost private sector investments within the country.
The announcement comes as part of a broader effort to foster economic growth and development in Egypt solidifying its partnership with the European Bank for Reconstruction and Development (EBRD).
During the annual meeting of the Bank, Rania Al-Mashat, Egypt’s Minister of International Co-operation and Odile Renaud-Basso, President of the EBRD discussed the preparations for an upcoming Investment Conference in collaboration with the European Union, signalling a new era of co-operation between Egypt and the EU.
Al-Mashat underscored the significance of the investment guarantees provided by the European Union, emphasising their crucial role in encouraging private sector participation in Egypt’s economic landscape.
Moreover, she hailed the proposed conference as a pivotal milestone in the Egyptian-European partnership, poised to propel investment initiatives and stimulate job creation.
Egypt’s strategic co-operation with the EBRD has yielded substantial results, with investments totaling €1.3 billion directed towards the private sector in 2023 alone, representing 96 per cent of the bank’s investments in the country.
This strong focus on private sector development aligns with Egypt’s vision to enhance economic diversification and empower local businesses.
Furthermore, discussions between Al-Mashat and Renaud-Basso delved into the broader scope of collaboration between Egypt and the EBRD. Both parties expressed commitment to deepening ties and maximising the impact of developmental efforts across various sectors.
The Investment Conference scheduled for June aims to attract diverse stakeholders, including financial institutions and the private sector, to explore opportunities for investment and partnership in Egypt.
With the European Union’s substantial backing and the EBRD’s active involvement, the conference is poised to catalyse transformative projects that contribute to Egypt’s sustainable growth agenda.
Egypt’s proactive engagement with international partners reflects its commitment to fostering a environment conducive to investment and innovation.
As the country continues to position itself as a regional economic hub, collaborations with esteemed institutions like the EBRD are pivotal in driving inclusive and sustainable development initiatives.
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