Cairo –  Egypt and the EU plan to activate a EUR 1.80 billion investment guarantee mechanism to stimulate local and foreign investments in mutually beneficial sectors, according to a press release.

Rania El-Mashat, Minister of Planning, Economic Development, and International Cooperation, discussed the joint deal with Simon Mordue, Deputy Secretary-General of the European External Action Service (EEAS).

El-Mashat highlighted that the government, through its new programme, aims to achieve several objectives enabling the Egyptian economy to confront challenges and embark on new horizons.

She added that the guarantees provided by the EU encourage private sector investments in various priority projects, including renewable energy, green hydrogen, food security, and digital transformation, among others.

The minister also indicated that over the past years, investments and financing amounted to $12.80 billion under the Team Europe initiative.

Last June, the Arab Republic secured a facility deal worth EUR 5 billion with the EU in line with commitments announced during the Egyptian-European Summit.

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