Egypt, EU ink 35 agreements, MoUs worth $72.4bln

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Egyptian Prime Minister Mostafa Madbouly announced on Sunday signing 35 agreement and memoranda of understanding (MoUs) worth 67.7 billion euros (about USD 72.44 billion) with the European companies and institutions to support his country's ailing economy.

Speaking after the conclusion of the two-day Egyptian-European Investment Conference held in Cairo, Premier Madbouly disclosed that 29 agreements and MoUs worth 49 billion euros (approx. USD 52.43 billion) were signed with several European companies in addition to six 6 other agreements and memos worth 18.7 billion euros (about USD 20 billion) hammered out with other European consortiums and companies.

He stressed that Egypt is keen on implementing its economic reform program to overcome the current crisis, most notably expanding the role of the private sector in the national economy and attracting foreign direct investments.

The Egyptian Premier pointed out that the conference aimed at strengthening the strategic partnership between Egypt and the European Union and enhancing cooperation between the private sectors of both sides.