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Egypt Signs $67.7 Billion MoUs with EU Companies

July 1, 2024

Over the past two days, Egypt has hosted the first Egypt-EU investment Conference in Cairo, which witnessed the signing of 29 agreements and memorandums of understanding (MoUs) as announced on Sunday during the closing session of the conference.

The agreements with European Union (EU) companies are worth USD 49 billion, in addition to six additional agreements worth USD 18.7 billion with various alliances and other companies.

Egyptian Prime Minister Mostafa Madbouly emphasized that these agreements are part of the Egypt 2030 plan, and align with the European Union’s goals to support the green economy in the coming years.

“Our main concern during the coming period is to translate what was signed into projects implemented on the ground,” Madbouly stated.

Madbouly added that the numbers announced would contribute to supporting the Egyptian economy, increasing the volume of foreign direct investments, and providing additional job opportunities for Egyptian youth.

The Prime Minister also emphasized Egypt’s dedication to ongoing economic reform in a bid to execute its development plans and fulfill “citizen’s people’s aspirations for a future marked by security, peace, and stability.”

The two-day conference highlighted investment opportunities in Egypt, particularly in renewable energy, transportation, power generation, digital transformation, and the green transition.

Mabdouly also expressed that he hoped that a second edition of the conference would be held in 2025.

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