EU signs €129 million in financial assistance for Egypt

Egyptian Minister of International Cooperation Sahar Nasr and Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, signed Tuesday a €129 million ($142.1 million) package of financial assistance.

The financial package is in support of Egypt’s socio-economic development on Tuesday.

“This package of financial assistance clearly underscores the European Union’s strong support to the Egyptian people. It will boost socio-economic development and improve the living conditions of Egyptian citizens. In addition, it foresees measures in favour of strengthening the role of the civil society.” Hahn said

The package is comprised of six financing agreements with a combined value of €129 million. The agreements focus on improving the quality of life of Egyptian citizens by promoting inclusive economic growth, improving the living conditions in informal areas of Cairo, contributing to the provision of citizen rights, including gender equality, and supporting priority projects in the field of renewable energy and agricultural drainage. Additionally, it includes support at institutional level to on-going reforms in the energy and water sectors.

This support is in line with priorities that the EU and Egypt are setting for their partnership in the coming years.

During his visit to Egypt, Commissioner Hahn met on Tuesday with several Egyptian minister and key figures.

“The main purpose of the visit is to hold talks on focusing the EU-Egypt partnership on priority areas for co-operation, such as socio-economic development, jobs, migration, regional affairs and citizens’ rights,” according to the European Union Delegation to Egypt’s press release on Monday.