EU and Egypt Ink $8 Billion Aid Deal at Strategic Investment Conference

Egypt and the European Union inaugurated a two-day investment conference announcing a €7.4 billion aid package, including grants and loans, to support Egypt's economy. This strategic partnership aims to bolster economic reforms and secure macro-financial assistance amid inflation and currency shortages. The agreement also covers employment, vaccine manufacturing, and sustainable development.

In a move to bolster economic ties, Egypt and the European Union started a two-day investment conference on Saturday, spotlighting a €7.4 billion ($8 billion) aid package for Egypt. This significant financial boost comprises grants and loans spread over three years, addressing economic instability in the Middle Eastern nation.

President Abdel Fattah el-Sissi emphasized the EU's commitment, stating the event marks a 'powerful message of confidence and support'. The conference, attended by EU Executives, will formalize a macro-financial assistance memorandum, part of the broader economic reform agenda Egypt embarked upon since 2016 to stabilize the economy.

European Commission President Ursula von der Leyen echoed this sentiment, highlighting the reinvigorated partnership's potential. Meanwhile, multiple bilateral agreements focus on areas like vaccine production, employment, food security, and sustainable development, alongside the critical economic diversification measures already in place.

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