The EU NextMed Conference in Cairo unveiled significant new cooperation and investment plans between the European Union and Egypt. Ambassador Christian Berger, Head of the European Union Delegation, highlighted key developments, including a €1.6 billion loan guarantee facility aimed at boosting European private sector investment in Egypt.
Highlights from the Conference
One of the primary announcements was the establishment of a €1.6 billion loan guarantee facility. This initiative is designed to provide European investors with guaranteed investment opportunities in Egypt, allowing them to access international financial resources through Egyptian banks backed by the European Union. This is expected to be a major attraction for European businesses.
While the total investment figures are still being finalized, estimates suggest a range between €40 billion and €60 billion. The final amount will be confirmed by the end of the conference.
Ambassador Berger addressed several challenges and necessary reforms. He emphasized the need for real implementation of projects and improvements to the investment climate. This includes making land available in economic zones like the Suez Canal Zone and implementing legislative reforms regarding company setup and taxation.
He also highlighted the strategic importance of Egypt to the European Union, citing the Suez Canal as a vital transportation route. There is strong interest across the EU in cooperating with Egypt, given its strategic position in the Eastern Mediterranean.
New agreements concerning legal immigration were also discussed. These include efforts to combat human smuggling and trafficking, support for search and rescue operations in the Mediterranean, and vocational training and job placement initiatives for Egyptians. Seasonal work agreements are already in place with countries like Greece and Cyprus.
The EU continues to support refugees in Egypt through financial assistance in collaboration with the United Nations High Commissioner for Refugees (UNHCR) and NGOs like Caritas. Berger noted that while the EU is not involved in creating migration centers in Egypt, it supports the UNHCR's efforts in providing assistance to refugees.
An official statement and detailed documentation regarding the EU NextMed program will be released tomorrow, offering comprehensive insights into these new cooperation initiatives.
The EU NextMed Conference marks a significant step forward in enhancing European investment in Egypt and strengthening strategic ties. The announced initiatives and agreements are poised to foster economic growth and address critical migration issues, underscoring the importance of Egypt as a strategic partner for the European Union.
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