The EU’s investment portfolio with Egypt has reached €5.8 million ($6.2 billion), said Gerassimos Thomas, Director-General in the Directorate-General for Taxation and Customs Union at the European Commission, on Tuesday.

This figure is even expected to grow to €9 billion by 2027, a statement by the Egyptian Cabinet quoted Thomas as saying during his meeting with Egyptian Minister of Environment Yasmine Fouad in Cairo.

Around 50 per cent of the EU investments in Egypt are directed towards supporting Egypt’s green transition, the EU official noted.

Thomas mentioned in an op-ed posted by the European Commission earlier this week that the “economic relationship between Egypt and the EU has never been stronger.”

“Bilateral trade quadrupled from €8.6 billion to €37.2 billion over the last twenty years, and the EU accounts for 22 per cent of Egypt’s overall trade flows.”

The op-ed discussed the significance of the climate co-operation between Egypt and the EU in helping boost both decarbonisation and growth.