Egypt, EU sign four financing deals at €300 mln on sidelines of investment conference in Cairo

The signing, witnessed by Prime Minister Mostafa Madbouly, came on the sidelines of the Egypt-EU Investment Conference 2024, which is taking place on 29-30 June in Cairo.

The conference kicked off earlier Saturday in the presence of President Abdel-Fattah El Sisi and the President of the European Commission Ursula von der Leyen.

The first agreement is the "Cross-border cooperation program for the Mediterranean Sea basin phase III for 2021-2027" under which the EU will provide €263 million in funding to Egypt.

The program will support private sector development in Egypt in the sectors of sustainable tourism, cultural heritage, creative and cultural industries, digital transformation, agriculture and agri-food, blue and circular economy, education and training, energy, and green building.

The second agreement is titled: "EU support to youth employment and skills in Egypt program" at a total of €25 million.

The program aims to upskill young people, including technical and vocational skills for employment, decent jobs, and entrepreneurship.

The third agreement is the "EU Support to the Next Generation" at an €8 million grant to support the national approach to child protection systems in Egypt.

It implements activities focused on child protection frameworks, combating child labour, and providing a comprehensive approach to ensure children's rights to education, health care, nutrition, and housing.

The fourth agreement is titled "Special measures to enhance the African Continent's capacity to manufacture vaccines and medicines and apply health technologies" at a €3 million grant.