EgyptMain Slider

Egypt received US$12.8 billion in soft European financing over 4 years: Minister

Minister of International Cooperation Rania al-Mashat said that Egyptian-European relations are developing at a strong pace, as international partnerships with Team Europe Initiatives (TEIs) through soft financing amounted to about US$12.8 billion into Egypt over four years.

She explained that $7.3 billion of this sum was for the government sector, with $5.5 billion in financing for the private sector, which resulted in attracting investments by European companies in priority sectors.

These remarks came during Mashat’s participation in the EU-Egypt Association Council meeting, held in the Belgian capital Brussels, with the aim of reviewing cooperation with the TEI institutions during 2020-2023 and preparing for future joint work.

Cooperation with the European Union is an example of constructive partnerships that extend over decades, she explained, based on meeting national priorities and responding in times of crises.

Mashat said that these funds were directed to priority sectors throughout the country, led by sustainable infrastructure, renewable energy and electricity, food security, health and education, sustainable transportation, water and sanitation networks, small, medium and micro enterprises, environment, solid waste management, women’s empowerment, and other programs.

The European Union and its member states, as well as financial institutions and affiliated multilateral development banks, are among Egypt’s main partners in advancing the process of development and construction, she added.

Mashat said that Egypt has been cooperating closely with the European Investment Bank and the European Bank for Reconstruction and Development for many decades, and this cooperation has contributed to the implementation of effective development projects.

Related Articles

Back to top button