European Union Ambassador to Egypt, Christian Berger, emphasized the strengthening ties between the European Union and Egypt at the Egypt-EU Investment Conference held in Cairo. The event served as a platform for signing a substantial €1 billion support package aimed at fostering economic growth and stability in Egypt.
Ambassador Berger underscored the significance of the conference, noting its multifaceted importance. "This forum provides an invaluable opportunity for the private sector to express their support for Egypt. We've seen numerous project signings, such as the Hydrogen project, and it's a venue for dialogue between private sector entities, international financial institutions, the European Union, and the Egyptian government on improving the investment climate," he stated.
The European Union's commitment to Egypt is evident in the significant investments already present in the country. However, Berger stressed the potential for further growth. "The investment climate in Egypt is already favorable, but there's always room for improvement. This conference is a timely opportunity to advance these efforts," he said. The event featured numerous panels where experts shared insights on accessing funding and enhancing investment conditions.
Berger discussed the strategic comprehensive partnership agreed upon in March, which includes six pivotal chapters: investment, trade and economy, mobility and migration, and human engagement. "This partnership marks a new level of cooperation between the EU and Egypt. It's built on our association agreement from 2004 and our partnership priorities, focusing on concrete areas of mutual interest," he explained.
One of the key initiatives discussed was the creation of a one-stop shop for investments, aimed at simplifying the process of opening and operating businesses in Egypt. This initiative, along with targeted investments in the Suez Canal Zone, exemplifies the practical steps being taken to enhance economic cooperation.
Addressing the role of financial institutions, Berger mentioned a $1.6 billion support package for the private sector, which includes loan guarantees. "We need to work with financial institutions to make these funds and credits available to companies wishing to invest here. This package is separate from the $5 billion macrofinancial assistance and focuses on providing loan guarantees," he clarified. This collaboration between the banking system, the private sector, and the EU aims to bolster economic activities and ensure financial stability.
The Egypt-EU Investment Conference not only highlighted ongoing and future projects between the EU and Egypt but also reaffirmed the commitment to strategic and comprehensive cooperation. With substantial financial packages and enhanced collaboration, both parties are set to achieve significant milestones in economic development and investment.
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