EU and Egypt further strengthen partnership and boost strategic investment projects

ENGLISH / EU and Egypt further strengthen partnership and boost strategic investment projects

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EU and Egypt further strengthen partnership and boost strategic investment projects

Following the adoption of Partnership Priorities with Egypt in July 2017, EU Commissioner for European Neighbourhood Policy and Enlargement Negotiations Johannes Hahn is in Egypt discussing how these priorities will be implemented, with a particular focus on the EU’s many activities supporting Egypt’s economic stabilisation.

With the Egyptian Minister of Investment and International Cooperation Sahar Nasr he has signed a Memorandum of Understanding on the EU Single Support Framework for Egypt, which sets out the EU’s priorities for bilateral assistance to Egypt for the period 2017-2020, in line with the Partnership priorities. These cover economic modernisation, energy sustainability and environment; social development and protection, helping vulnerable groups enter the job market; and governance reforms.

In addition, Commissioner Hahn and Minister Sahar Nasr signed three new financing agreements for EU-funded projects which will boost socio-economic development in Egypt. These include EU support to strategic investment projects with €46 million in grants; leveraging almost €600 million in soft loans from European Financial Institutions in order to support improved sanitation services as well as the rehabilitation of Alexandria’s Raml Tram.  A €60million grant will help Egypt deal with the pressures of hosting migrants and refugees, and help stabilise communities prone to migration. 

Commissioner Hahn commented: "The EU is Egypt’s first trade partner and its largest source of investment. Where our interests coincide, we should work together: to build prosperity, and the conditions that can attract investment into the country. This is good for Egyptians and Europeans alike".

Background

EU assistance to Egypt currently stands at more than €1.3 billion in ongoing grant commitments. Together with EU Member States and European Financial Institutions’ grants, loans and debt swaps, this figure increases to €11 billion, making the EU the biggest donor in Egypt.

Single Support Framework 2017-2020

The new EU-Egypt Single Support Framework sets out the EU’s priorities for bilateral assistance to Egypt under the European Neighbourhood Instrument for the period 2017 – 2020. It foresees between €432 and €528 million for Egypt,

Financing agreements for three new projects signed

Through today’s financing agreements, the EU will support the following strategic cooperation programmes in Egypt which will have direct benefits for its citizens:

  1. The ’Fayyoum Waste Water Expansion Programme’: with an EU grant of €38 million, €360 million in soft loans from the EIB and the EBRD will be leveraged. This programme will provide access to improved sanitation services to nearly 1 million inhabitants and increase the coverage of sanitation services in the Fayyoum from just over 30% to almost 90%. It is also expected to create over 30,000 temporary and permanent jobs.
  2. The ’Rehabilitation of Alexandria’s Raml Tram Programme’: with an EU grant of €8 million, €237.7 million in soft loans from the EIB and the AFD will be leveraged to rehabilitate the Alexandria’s Raml Tram. The rehabilitated tramway will have doubled capacity and will reduce waiting times which will benefit more than 200,000 passengers per day.
  3. The ’Enhancing the Response to Migration Challenges in Egypt Programme’: with an EU grant of €60 million, the EU will support Egypt’s efforts in enhancing migration management, addressing the roots causes of irregular migration and sustaining Egyptian communities hosting migrants and refugees. The programme covers seven projects in total.

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الناشر

mohamed adel
mohamed adel

صحفي

1هنا الوصف

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