European firms are signing deals potentially worth over 40 billion euros ($42.85 billion) with Egyptian partners, the EU Commission chief told an investment conference in Cairo on Saturday, part of a drive to bolster Egypts fragile economy.
The announcement by Commission President Ursula von der Leyen of more than 20 new deals or MOUs follows a 7.4 billion euro EU funding package and an upgraded relationship unveiled in March, as Egypt tried to contain spillover from conflicts in Gaza and Sudan, and European states pushed to prevent migrant flows across the Mediterranean.
Human rights groups have questioned the financing for Egypt, where President Abdel Fattah al-Sisi has overseen a sweeping crackdown on political dissent for more than a decade.
European officials say they want to help Egypt become more resilient by boosting investment and the private sector, after repeated shocks including fallout from the war in Ukraine and COVID-19 exposed underlying economic weaknesses.
Your stability and your prosperity are essential for an entire region, von der Leyen said in a speech at the start of the two-day Egypt-EU investment conference.
