EU Mobilizes €9 Bln in Investments to Support Egypt's Economic Development

The European Union Ambassador to Egypt Christian Berger revealed that the EU has begun implementing an investment plan aimed at mobilizing €9 billion to help Egypt support economic development in various economic fields, and to address the increasing repercussions resulting from the conflict in the region.

The EU ambassador said that the economic support program for Egypt to confront the economic challenges facing Egypt as a result of the migration issue or the conflict in the region initially amounted to about €1 billion, which was agreed upon during the past year, which in turn will create investments in the country amounting to €9 billion.

Berger added in an interview with Al Arabiya Business that nearly half of this amount - approximately €4.5 billion - has already been spent in a number of economic sectors such as financing banks and financing a number of investment projects in the country.

He explained that there are still ongoing discussions with the Egyptian government about providing more support, including loans, grants and credit lines in various social and economic fields that need more support to complete the financing program.