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Partnerships between Egypt, Team Europe initiative record $12.8 bln: Minister

Partnerships between Egypt and the Team Europe initiative have pumped $12.8 billion over four years in soft financing to both the public and private.
24.01.24 | Source: Ahram Online

Al-Mashat further elaborated that these financial contributions amounted to $7.3 billion for the public sector and $5.5 billion for the private sector, according to a ministerial statement.

The Team Europe initiative, spearheaded by the European Union (EU) in collaboration with European financial institutions, aims to assist partner countries in mitigating the repercussions of global crises and their effects on their societies and economies.

These funds were allocated to Egypt's priority sectors, which encompass infrastructure, renewable energy, food security, health, education, water, sanitation networks, and small, medium, and micro enterprises, Al-Mashat emphasized. 

Her remarks were made during the 10th meeting of the EU-Egypt Association Council held in Brussels.

She highlighted the historical ties between Egypt and the EU under the auspices of the bilateral Team Europe initiative, spanning from 2020 to 2023, while also laying the groundwork for future cooperation.

“Egypt has a longstanding history of collaboration with the EU, as well as European financial institutions and multilateral development banks such as the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD),” she noted.

In 2023, the EIB inaugurated a regional hub in Cairo, further solidifying its commitment to cooperation with Middle Eastern and North African (MENA) partners.

Additionally, the EIB's allocation of $27 million to the $150 million Middle East Venture Fund marked the bank's most substantial venture capital engagement in the region.