Egyptian President Sisi_ EU agrees to provide 7.4 billion euros in financial support

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Cairo, March 18 (Reporters Zhang Jian and Yao Bing) Egyptian President Sisi said on the 17th that the European Union agreed to provide Egypt with a financial support package of approximately 7.4 billion euros on the same day to boost the Egyptian economy.

Sisi announced the plan at a joint press conference with visiting European Commission President Von der Leyen and other senior EU officials. He said that the financial package mainly involves three aspects of the Egyptian economy, namely preferential financing, investment guarantees, and technical support for the implementation of bilateral cooperation projects.

We discussed naming energy as a key area of cooperation, especially the interconnection of natural gas and electricity. Sisi said that the two sides have agreed to cooperate in green hydrogen production.

According to a statement issued by the Egyptian Presidential Palace, Egypt and the European Union are also preparing to hold a joint investment meeting in the second half of 2024, welcoming more European participation in developing the Egyptian market.