Egypt and EU Strengthen Economic Bonds with €67.7 Billion Agreements
Key Ideas
- Egypt and the EU finalized memoranda of understandings worth €67.7 billion, targeting sectors like green hydrogen, electric cars, and infrastructure.
- The meeting focused on boosting economic cooperation, trade promotion, and joint ventures between Egypt and EU countries.
- Discussions also covered the EU's Carbon Border Adjustment Mechanism and Egypt's strategies to enhance export competitiveness in EU markets.
- Egypt aims to expand green investments and utilize technologies like hydrogen and green ammonia in industrial processes.
Egypt and the European Union recently deepened their economic collaboration through the signing of memoranda of understandings totaling €67.7 billion. Minister of Investments and Foreign Trade, Hassan El-Khatib, announced this development during a meeting with EU Ambassador to Cairo, Christian Berger. The MoUs include investments in sectors like green hydrogen, electric cars, infrastructure, sustainable transportation projects, and information technology. The discussions emphasized fostering economic ties, promoting trade, and initiating joint ventures between Egypt and EU nations. The strategic partnership, valued at €7.4 billion, underlines grants and loans extended to Egypt until 2027. The dialogue also addressed the EU's Carbon Border Adjustment Mechanism and Egypt's efforts to enhance export competitiveness in EU markets. Egypt's vision highlights a commitment to expanding green investments and harnessing technologies such as hydrogen and green ammonia in industrial operations.