Von der Leyen: EU to sign investment deals with Egypt worth more than €40 billion

EU companies are signing investment deals worth more than 40 billion euros ($42.85 billion) with Egypt, European Commission President Ursula von der Leyen said at an investment conference that opened on Saturday, Reuters reported.The announcement of more than 20 new memorandums of understanding with Egypt followed a 7.4 billion euro EU funding package and improved relations with the country, which were agreed in March amid efforts to stabilize its economy and stem the flow of migrants into Europe.European officials say they want to help Egypt, which has been repeatedly rocked by turmoil including the aftermath of the war in Ukraine and COVID-19, become more resilient by boosting investment and the private sector.Von der Leyen said companies willing to invest are in sectors such as hydrogen, water, construction, chemicals, shipping and aviation.For his part, Egyptian President Abdel Fattah al-Sisi said that the partnership between Egypt and the EU is in various fields, including trade, energy and infrastructure.This year, Egypt has received a huge amount of foreign funding and pledges from the United Arab Emirates, the International Monetary Fund and the World Bank, as well as the EU.

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