EU will provide €1 bln to Egyptian microenterprises in 2024
Berger noted that this financing comes under the €7.4 billion ($8.1 billion) Strategic Comprehensive Partnership agreement signed between Egypt and the European Union as part of the aid and investment package the EU pledged to Cairo in early March.
He explained that Egypt and the European Union will hold an economic conference at the end of June, which focuses on renewable energies, green hydrogen, and other sectors, representing huge investment opportunities for European companies in Egypt
Berger told Al Arabiya Business that holding the economic conference in Egypt at the end of June is one of the first steps towards implementing the March agreements between the two sides.
He added that full details concerning the conference's agenda and the topics to be discussed will be disclosed soon.
Furthermore, Berger said the conference would explore opportunities to export electricity to Europe and support the Egyptian private sector.
He said the European Union intends to provide another €4 billion to Egypt as part of the financing package that extends over three years - from 2025 to 2027.
Berger also noted the ongoing discussions with Egypt on how to make the country more stable economically, thus enabling it to address surrounding conflicts, political disruptions, and economic challenges.
He affirmed that while this process is arduous and time-consuming, the EU always considers Egypt's needs and collaborates with Cairo on promising investment projects.
The EU ambassador added that discussions are underway with the Egyptian government on how to support private companies, adding that some ideas have already been considered to create a climate in Egypt favourable to investment and conducive to the thriving of the private sector.
Moreover, Berger explained that the two sides have signed several Memorandums of Understanding (MoU) pending a comprehensive agreement regarding the announced financial support.
He also noted that the two sides are discussing technical agreements related to loan interest rates, loan extensions, and the sectors in which these loans will be used.
Similarly, Berger highlighted that the EU is working with Egypt to implement all recently signed agreements.
Aid package not connected to Gaza
On a different note, Berger told the Saudi News Channel that the financing agreed upon between the EU and Egypt has been long in preparation.
“The support provided to Egypt is not related to the Gaza issue, but rather stems from a belief in Egypt’s significance to the EU,” he said.
The EU is supporting Egypt because of the importance of the Suez Canal to the European Union and because Egypt is a stable country in North Africa, the Mediterranean, and the Middle East, noted Berger.
He explained Europe supports Egypt since it is a strategic partner and the largest investor in Egypt.
Berger stressed Europe shares many strategic goals with Egypt, thus culminating in the signing of this cooperation agreement.