Prime Minister Moustafa Madbouli witnessed the inking of a cooperation agreement to produce green hydrogen, its derivatives and green ammonia in Ras Shukeir.

The agreement involves the General Authority of Red Sea Ports, the New and Renewable Energy Authority, the French company of EDF Renewable and the Egyptian-UAE company of Zero Waste.

This came on the sidelines of Egypt-EU Investment Conference that was inaugurated on Saturday in the presence of President Abdel Fattah El Sisi and President of the EU Commission Ursula von der Leyen.

The inking ceremony was attended by Electricity and Renewable Energy Minister Mohamed Shaker, Transport Minister Kamel el Wazir and EU Trade Commissioner Valdis Dombrovskis.

The agreement comes within the framework of the presidential directives to encourage and increase the efforts of localizing the industry of green hydrogen and providing the investment atmosphere suitable for it as well as strengthening Egypt’s position as a regional and global exporter of energy and green fuel, Wazir said.

The project would have positive effects on pushing sustainable development efforts forward via strengthening the green hydrogen industry and attracting more giant companies to establish similar projects that contribute to localizing and developing this industry in Egypt to provide green fuel gradually for the ships crossing the Suez Canal, he said.

The project would have direct economic revenues via the fees paid to the state to get the services presented by the company implementing it, he said.

Meetings

President El-Sisi Meets President of European Commission

President Abdel Fattah El-Sisi met with the President of the European Commission, Mrs. Ursula von der Leyen, on the sidelines of the Egyptian-EU Investment Conference held in Cairo.

The Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, said the meeting underscored the depth and strength of Egyptian-European relations, recently elevated to the level of a strategic and comprehensive partnership. This reflects the significance Egypt and the European Union accord to enhancing their cooperation as a cornerstone for regional integration and stability. The investment conference marks the first milestone in implementing this partnership. The President of the European Commission affirmed that the conference underscores the shared interests between the two sides and the European Union's commitment to supporting Egypt's development and economic reform path.
The meeting touched on ways to confront the escalating regional challenges, particularly the developments in the Gaza Strip and their impact on regional security and stability. President El-Sisi emphasized the necessity of concerted international efforts to reach an immediate ceasefire and the urgent access to humanitarian aid in Gaza to avert the humanitarian catastrophe facing the Palestinian people. The President reiterated that Egypt warns of the expansion of the gravely escalating conflict and called on the international community to take serious and swift steps to prevent the region from sliding into a new and unprecedented cycle of conflict. Both sides agreed that achieving a comprehensive and just solution to the Palestinian issue based on the two-state solution and in accordance with international legitimacy resolutions remains the optimal path to ensure sustainable stability in the region.

Prime Minister Meets with EU Trade Commissioner on Sidelines of EU-Egypt Investment Conference

On the sidelines of the EU-Egypt Investment Conference, the Prime Minister, Mostafa Madbouly met with the Vice-President of the European Commission and the EU Trade Commissioner, Valdis Dombrovskis. The meeting discussed some issues of common interests related to enhancing trade exchange between Egypt and the EU and also addressed the implementation plan for the Strategic Partnership between Egypt and the European Commission.

At the outset, Madbouly welcomed Valdis Dombrovskis expressing his appreciation for his participation in the EU-Egypt Investment Conference and praising the current levels of trade exchange between Egypt and the EU countries; nevertheless, he explained that it requires more efforts to increase the volume of trade between the two sides in the coming period so as to benefit from the provisions of the Strategic Partnership agreement concluded between them.

Madbouly praised the important step related to the signing of the memorandum of understanding for the first tranche of the European financing package amounting to one billion euros. He also expressed his aspiration for the quick disbursement of this tranche on its scheduled date and also speed up the negotiations for the second tranche amounting to 4 billion euros.

Meanwhile, Madbouly stressed the continuation of moving forward in supporting the private sector and encouraging foreign direct investments in addition to the structural reforms that have been implemented by the adoption of a flexible exchange rate system, and the overcoming of any obstacles that may hinder the progress of pumping investments into various fields.

Madbouly also expressed his aspiration for the EU to provide technical support to Egypt, especially in the sectors whose exports will be affected by the Carbon Border Adjustment Mechanism (CBAM) in the EU under which the fees will be imposed on carbon dioxide emissions resulting in several sectors such as iron, steel, aluminium, fertilisers, and cement.

The Prime Minister pointed out that the EU support in this regard would help Egyptian exporting companies to comply with European legislation and requirements for reducing carbon emissions in the production processes.

During the meeting, Madbouly touched on some important topics that would increase the rates of trade exchange between Egypt and the European Union countries expressing the State’s keenness to benefit from European experiences in trade and manufacturing, including technical cooperation and training programs that aimed at improving the efficiency of the Egyptian product, expanding exports to Europe, and improving the competitiveness of Egyptian products in European markets.

Madbouly stressed Egypt's interest in cooperating with the EU in the field of industry and attracting European investments with a focus on top sectors, such as the energy, digital transformation, transport and logistics, water treatment projects, modern irrigation, petrochemicals, food industries, and the textile and clothing.

The EU Trade Commissioner pointed out that the Egyptian and European sides have already started to put the objectives of the Strategic Partnership Agreement signed in March 2024 into effect. This began with the signing of a memorandum of understanding to support the economy with one billion euros and create more job opportunities in cooperation with the private sector.

Dombrovskis touched on several important topics that need to be worked on during the coming period, including facilitating procedures so as to obtain the necessary licences to speed up the implementation of projects.

Finally, He stressed that Egypt has great promising potential, especially in the field of renewable energy which is one of the huge opportunities for expanding the production of green hydrogen so as to export it to Europe.

Prime Minister Meets with V Group’s Officials to discuss Cooperation Aspects

On the sidelines of the EU-Egypt Investment Conference, The Prime Minister, Mostafa Madbouly met today with the Founder and the Chairman of the Greek company “V Group” for environmental solutions, Vyron Vasileiadis and his accompanying delegation.

At the outset, the Prime Minister welcomed the Chairman of the Group appreciating the current cooperation between the Company and the Suez Canal Authority in solid and liquid recycling for ships passing through the Canal.

The Prime Minister affirmed his support for this project which comes in line with the policies of Egypt to achieve sustainability in the transport sector.

During the meeting, Vasileiadis said that V Group is a private Greek company with a strong presence in the Eastern Mediterranean, Balkans, and North Africa regions.

Vasiliades explained that the value of V Group's assets is more than 130 million euros and it has 330 employees.

It is worth mentioning that V Group is the owner of the company "Antipollution Egypt" which cooperates with the Suez Canal Authority in collecting solid and liquid waste from ships passing through the Suez Canal. This is done by using environmentally friendly ships made for this purpose in Egyptian shipyards. It’s noteworthy that the project investments amount to more than $150 million.

Additionally, Vasiliades stressed that the new company would play an important role in the Suez Canal region to have a partnership not at the level of companies or institutions, but also shape constructive partnership between Greece and Egypt.  He also expressed his aspiration for the results of cooperation in terms of creating added value by launching the solid and liquid waste collection service for the first time in the Suez Canal.

Finally, he alluded to the fact that the Company is committed to promoting sustainable business practices and reducing their impact on the environment. This shall be implemented under the goal of “Zero Waste, Zero Carbon emissions” strategy.

Prime Minister Meets with Schneider Electric’s International Operations’ CEO

On the sidelines of the EU-Egypt Investment Conference, the Prime Minister, Mostafa Madbouly met with the CEO of International Operations at Schneider Electric, Manish Pant as opportunities were discussed to localise the electricity sector components industry, including network components and control centres. The meeting was held in the presence of Walid Shetta, the Regional President of Schneider for the Middle East and Africa; the CEO of North East Africa & Levant Cluster, Sebastien Riez; and the Government Relations Officer, Mona Samir.

At the outset, the Prime Minister welcomed the officials of Schneider Electric praising the important role of the Company in the electricity sector in Egypt over the past years noting that the Company is an important partner for the Egyptian government.

Madbouly said that Schneider's team in Egypt has proven its importance as strong competencies and a strategic and reliable partner in the fields of electricity generation, transmission, and distribution. He also praised the role played by the French company in the projects of the control centres highlighting the need to quickly complete these centres as soon as possible.

Furthermore, the Prime Minister expressed his aspiration for Schneider to expand the localization of the electricity sector components industry to meet the growing needs of major national projects, including the new land reclamation projects that require huge electrical facilities, generators, transformers, and other electricity transmission and distribution equipment.

Madbouly also touched on the possibility of cooperating with Schneider International in reducing electricity losses to relieve pressure on the national electricity network.

Manish Pant discussed the Company’s activities in Egypt and its contributions to support the Egyptian electricity sector adding that such technologies are used by more than 2,000 partners of Schneider International from small and medium enterprises.

Finally, he discussed the Company's plan to localise electricity utility components to be used in the local projects or exported to neighbouring countries.

Egypt s PM Meets with CEO of Germany s BAMAG

Dr. Mostafa Madbouly, the Prime Minister, held a meeting with Mansour Iskandar, the CEO of BAMAG Company. Dr. Hala El Saeed, the Minister of Planning and Economic Development, Ayman Soliman, the Executive Director of the Sovereign Fund of Egypt (TSFE), and several officials from both the Fund and BAMAG were also present in the meeting.

Madbouly began the meeting by welcoming BAMAG officials and expressing his gratitude for attending the joint Egyptian-European Investment Conference. He mentioned that he has been closely monitoring the company's work in the drinking water utilities sector ever since he was in charge of the Ministry of Housing, Utilities, and Urban Communities.

During the meeting, the PM highlighted that the Egyptian government is presently prioritizing the localization of component manufacturing for national projects. This includes components for drinking water and wastewater treatment plants presenting a significant opportunity for BAMAG to actively participate in this sector.

During the meeting, Iskandar referred to several projects that the company is currently executing in Egypt. These projects involve the construction and maintenance of various drinking water and wastewater treatment plants. Specifically, the company is responsible for handling the electromechanical work in these plants including the 10th of Ramadan plant.

He proposed the idea of producing water treatment plant components locally in Egypt. This would help the Egyptian government save hard currency. Additionally, he offered to manage and operate several drinking water plants through the public-private partnership (PPP) system.

"The Egyptian government has a genuine desire for the private sector to participate in the management and operation of projects," Madbouly said, reiterating that the government's top priority is to localize the manufacture of water treatment plant components.

Day 2

30-6-2024

Panel discussion entitled “Strategic Reforms to Transform Egypt into a Regional Hub for Investments” 

Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones “GAFI”, participated in a panel discussion entitled “Strategic Reforms to Transform Egypt into a Regional Hub for Investments,” which was held within the events of the EU-Egypt Investment Conference.

The panel discussion was attended by Mr. Gert Jan Koopman, Director General of the European Commission, Ms. Susan M. Lund, Vice President for Economics and Private Sector Development at the International Finance Corporation, Ms. Mary Beth Goodman, Deputy Secretary-General of the Organization for Economic Co-operation and Development, Eng. Ahmed Elsewedy, CEO of Elsewedy Electric, and Mr. Aiman Ezzat, CEO of Capgemini Group.

Mr. Heiba declared, during his speech, a comprehensive package of reforms and new investment incentives that aim to enhance the investment environment in order to transform Egypt into a hub for regional investments and attract more FDI, especially from EU countries. He reviewed a set of ambitious measures that are taken by Egypt to ensure its position as a leading investment destination in the region, in addition to the reforms that reflect the Egyptian government’s commitment to creating a flexible and efficient business climate that meets the needs of local and international investors alike.

He pointed out that among the most prominent reforms are expanding the scope of free zones and investment zones, launching the Golden License framework that simplifies procedures for obtaining licenses and necessary approvals for investment projects, as well as developing a unified electronic platform for companies' incorporation. Additionally, there is a reduction in the required documentation for post-incorporation services.

He explained that the government has approved several investment incentives for sectors targeted by the Egyptian state and of interest to European Union investors, such as green hydrogen and automotive industries. GAFI CEO stated that Egypt, with its strategic location, young workforce, and advanced infrastructure, offers promising opportunities for European companies in diverse sectors such as renewable energy, textiles manufacturing, information technology, automotive industry, pharmaceuticals, and food manufacturing.

He emphasized that the new reforms undertaken by the Egyptian government will enhance Egypt's attractiveness as a regional investment hub, opening new horizons for economic cooperation between Egypt and the European Union to achieve mutual interests, particularly within the framework of the strategic upgrade of the Egyptian-European partnership, which enhances leveraging Egypt's potential to attract investments and achieve economic integration between Egypt and the European Union.

Heiba, also, emphasized GAFI's keenness to enhance investment cooperation with the European side and provide full support to the European business community, enabling them to seize promising investment opportunities in Egypt and benefit from the exceptional privileges offered by the Suez Canal and trade agreements between Egypt and regional blocs in the area, positioning Egypt appropriately within the supply chains of the European Union.

PM delivers a speech in the opening of the second day of Egypt-EU Investment Conference

In his opening speech on the second day of Egypt-EU Investment Conference in Cairo on Sunday, June 30, 2024, Prime Minister Madbouly emphasized the country’s active pursuit of investment partnerships, acknowledging the challenges posed by global tensions, regional crises, climate change, and economic disruptions. However, he framed these challenges as opportunities for Egypt to collaborate with the EU to achieve growth and development.

Madbouli said that Egypt seeks to deal with international issues and crises from the perspective of the promising opportunities they represent for economic development and reform.

Madbouli stressed that the conference is held amid rising geopolitical tensions, which had a meaningful impact on several countries in the region, especially the ongoing war in the Gaza Strip.

He added: “Move ahead to achieve a stable and booming economy for the sake of the whole region, with respect to what we are witnessing nowadays in the region including a lot of turbulence and of course unstable states. Stability in Egypt is crucial not only for the region, but specifically for Europe, I believe.”

Highlighting Egypt’s dedication to economic reform and currency stability, Madbouly stated the country as a reliable partner for navigating the current global climate and enhancing Egypt’s proactive approach and its attractiveness to potential investors.

Valdis Dombrovskis, vice president of the European Commission, delivers his opening remarks on the second day of Egypt-EU Investment Conference in Cairo on Sunday, June 30, 2024

Valdis Dombrovskis, vice president of the European Commission said Egypt, with its unique geographical location bridging Africa, the Middle East, and Europe, offers great logistical advantages for European industries

He said: “Considering recent global disruptions, including the COVID-19 pandemic and geopolitical tensions, the need for resilient and diversified supply chains because there would be more apart.”

Dombrovskis added: “Egypt is uniquely placed because of the position statistically between Africa and Middle East and Europe,” the EU official stated, stating that such position places it at the crossroads of global trade. The country’s modern ports and highways facilitate efficient connectivity, making it an ideal gateway for European businesses.

He highlighted that Egypt offers abundant resources, including renewable energy. European industries can benefit from cost-effective energy solutions, enhancing their competitiveness.

He noted that with a young, educated workforce, Dombrovskis said the North African country provides a talent pool ready to drive innovation and productivity. European companies can tap into this skilled labour force for manufacturing and other sectors.

Dombrovskis explained that European manufacturers stand to gain significantly by nearshoring production to Egypt. This move allows them to enhance exports and integrate more deeply into European supply chains.

Dombrovskis further said by Leveraging Egypt’s modern infrastructure, the automotive and logistics sectors can thrive. Smoother, faster, and cost-effective trade routes make Egypt an attractive destination for these industries.

Memorandums of Understanding (MoU) and Agreements

Egypt, Italy sign several agreements, MOUs in the field of railways, green transport

The Egyptian Ministry of Transport signed several important agreements and memorandums of understanding (MOUs) on Sunday with the Italian side in the field of railways and eco-friendly green transport.

The signing ceremony was attended by Minister of Transport Kamel El-Wazir and Italian Ambassador to Egypt Michele Quaroni, on the sidelines of the Egyptian-European Investment Conference, held in Cairo under the auspices of President Abdel Fattah El-Sisi and the President of the European Commission.

In this context, the Ministry of Transport and the Italian Export Development Authority signed MoU regarding co-operation in supporting eco-friendly projects for the Ministry of Transport. The MoU was signed by the Egyptian Minister of Transport and, on the Italian side, by Mikal Ron, CEO of International Business at the Italian Export Development Authority.

Wazir stated that the signing of the memorandum of understanding comes within the framework of President Abdel Fattah El Sisi’s directives to focus on and expand sustainable green transport projects, achieving Egypt’s Vision 2030, and building the new republic, which includes expanding the establishment of a network of sustainable, eco-friendly mass transport.

The minister added that the metro network will be completed, and several eco-friendly green transport means will be implemented for the first time in Egypt. These include the high-speed electric train network, the light rail transit (LRT), and the monorail east and west of the Nile, to keep pace with the significant steps the state is taking in urban expansion, economic, commercial, and tourism activity, serving industrial areas, meeting the increasing demand for transport, and providing advanced, safe, and distinguished mass transport services to citizens across the country.

Wazir and the Italian Ambassador to Egypt also witnessed the signing of an agreement on terms and conditions between the Egyptian National Railways Authority and the Italian company “Arsenale” regarding the launch of the luxury tourist train service in Egypt (the Nile Guardian Train). The agreement was signed by Chairman of the Egyptian National Railways Authority Engineer Mohamed Amer, and Paolo Barletta, CEO of ARSENALE S.P.A.

In this regard, Wazir pointed out that this signing comes amid the significant qualitative leap that the railway sector is witnessing under President El Sisi, including the sector of moving units, which has seen substantial development and modernization in the recent period. He noted that the launch of the luxury tourist train project will represent a continuation of supporting the authority’s fleet of moving units with various types of trains.

Wazir said that the luxury tourist train will feature an interior design and exterior appearance that reflect the country’s civilisation while adhering to international standards.

PM attends signing 4 agreements in green ammonia worth $33 bn

Egyptian Prime Minister Moustafa Madbouli attended the signing ceremony of four agreements in the domain of green ammonia between the Sovereign Fund of Egypt and a number of European developers, with a total investment cost of 33 billion dollars.

Minister of Electricity and Renewable Energy Mohamed Shaker and Minister of Planning and Economic Development Hala Elsaid attended the signing ceremony that took place on the sidelines of the Egypt-EU Investment Conference, which kicked off Saturday in Cairo.

The contract was signed by General Authority for Suez Canal Economic Zone (SCZone) Chairman Waled Gamal El Dien, Sovereign Fund of Egypt CEO Ayman Soliman and New and Renewable Energy Authority (NREA) CEO Mohamed el Khayat.

The first agreement was signed with DAI Infrastruktur to set up green ammonia project in East Port Said port, at a total value of 11 billion dollars.

At a total investment cost worth 4.250 billion dollars, the second agreement was signed with Ocior Energy company to establish green ammonia project in Sokhna port.

Egypt, EIB sign two agreements worth dlrs 621 mn to develop sustainable green industries

Egyptian Minister of International Co-operation Rania al-Mashat signed and witnessed the signing of two agreements worth dlrs 621 million with the European Investment Bank (EIB) and the SPE Capital Fund to support sustainable green industries (GSI) and enhance equity investments in companies during the Egyptian-European Investment Conference.

Mashat, along with Minister of Environment Yasmine Fouad signed an agreement on the sustainable green industries project with Director-General for Neighborhood and Enlargement Negotiations at the European Commission Gert Koopman, and Vice-President of the European Investment Bank Gelsomina Vigliotti.

The project, worth 271 million euros, is financed by the EIB with 135 million euros and a 30 million euros grant from the European Union managed by the European Investment Bank, alongside funding from the French Development Agency and other financial entities. The program is implemented by the Egyptian Environmental Affairs Agency (EEAA) and the National Bank of Egypt (NBE).

The new agreement aligns with the state’s efforts to collaborate with development partners to enhance the transition to a green economy and support climate action. The project aims to support the transition of Egypt’s industry to a green economy by implementing measures related to climate change and environmental sustainability.

The project will cover the entire country, focusing on industrial sites and areas where pollution—particularly air or water pollution—negatively impacts the population and the surrounding environment. The project also promotes the elimination of industrial pollution of air, water, soil, and workplaces; reduces carbon emissions in the industrial sector through the use of renewable energy, green hydrogen, and biogas.

The project also aims to develop sustainable industrial practices by improving energy efficiency, resource efficiency, and circular economy interventions. Additionally, it will help the implementing agency digitize its main environmental procedures, such as environmental permits and impact assessments, contributing significantly and effectively to the overall efficiency and transparency of these processes.

Commenting on the project, Mashat said the new project is part of the constructive cooperation with the EIB to support the private sector’s transition in Egypt towards climate action and a green economy. The financing will be used to provide funding to industrial companies in both the public and private sectors to stimulate green transition plans, reduce pollutants, and lower carbon emissions through the use of renewable energy, green hydrogen, biogas, and the development of sustainable industrial practices.

European Investment Bank Financing for the SPE Capital Fund

Meanwhile, Mashat witnessed the signing of an agreement between the European Investment Bank and the SPE Capital Fund worth dlrs 350 million. The EIB aims to enhance the fund’s investments in high-growth companies, especially in the sectors of healthcare, pharmaceuticals, education, manufacturing, financial services, logistics, and consumer goods, in Egypt, Tunisia, and Morocco. The agreement was signed by Gelsomina Vigliotti, Vice-President of the bank, and Nabil Triki, Managing Partner and CEO of SPE Capital.

The financing is expected to create more than 10,000 new job opportunities, enhancing economic development in Egypt and the North Africa region.

Mashat explained that the EIB’s support for the SPE Capital Fund builds on a long history of support and financing provided by the bank to the private sector in Egypt, enhancing inclusive and sustainable economic development and supporting the competitiveness of the Egyptian economy. This support contributes to job creation, with the bank having invested 790 million euros in 19 equity funds over the past five years. Additionally, the bank’s total financing for the private sector in Egypt from 2020 to 2023 amounted to approximately dlrs 2.8 billion under the “Team Europe” initiative.

Dr. Mostafa Madbouly, Prime Minister, witnessed the signing of a tripartite memorandum of understanding between the Information Technology Industry Development Authority (ITIDA), Telecom Egypt, and Nokia, to expand Nokia’s operations in Egypt.

Egypt’s CIT Minister Dr. Amr Talaat witnessed the signing ceremony of a tripartite Memorandum of Understanding (MoU) between Egypt’s Information Technology Industry Development Agency (ITIDA), Telecom Egypt, and the world leading cell phone technology manufacturer Nokia have signed a to expand Nokia’s presence in Egypt and enhance its capabilities in innovation and export services.

At the heart of this collaboration lies the establishment of an IP Excellence Centre in Egypt, strategically positioning the country as a hub for IT services. Initially catering to approximately 60 countries in the Middle East and Africa (MEA) region, the Centre has ambitious plans to expand its reach to Europe and beyond. This expansion is expected to boost Egypt’s ICT services exports significantly.

Led by top Egyptian engineering talent, the centre will focus on automating IP networks, advancing artificial intelligence (AI), and software development for Nokia’s SR Linux network operating system. This initiative aims to strengthen Egypt’s position in the global technology landscape.

“Nokia’s growing footprint in Egypt, especially in export-driven areas, is a clear signal. Our ICT sector is a magnet for global investment. This underscores the attractiveness of our ICT sector for global investments. With its skilled workforce and proven track record, Egypt is becoming a go-to destination for companies like Nokia seeking to expand their global delivery operations.

“This strategic public-private partnership will enhance innovation, skill development, and research in network automation, solidifying Egypt’s position as a global hub for IT services. It will also contribute to the growth of Egypt’s digital exports, which reached $6.2 billion in 2023,” commented CIT Minister Dr. Amr Talaat.

Aligned with Egypt’s Digital Egypt Offshoring Strategy, the collaboration aims to increase digital exports and create job opportunities for Egyptian youth, said Ahmed ELZaher, CEO of ITIDA, underscoring the strategic significance of this partnership in advancing Egypt’s digital ecosystem and offshoring exports.

Meanwhile, Vach Kompella, Nokia’s Senior Vice President and General Manager of IP Networks, emphasised that the establishment of the IP Excellence Centre underscores their unwavering trust in the talent and expertise of Egyptian engineers. According to Mr. Kompella, this milestone represents a significant moment in Nokia’s three-decade association with Egypt and will play a pivotal role in advancing the country’s digital infrastructure.

The centre’s mission is to harness the skills of local talent, enabling them to address the evolving needs of enterprises in the Middle East (ME) region. Moreover, it provides a unique opportunity for selected engineers to receive training in the latest IP technologies and join Nokia’s esteemed global team.

This initiative not only strengthens Egypt’s position in the technology landscape but also fosters collaboration and knowledge exchange on a global scale.

Dr. Rania Al-Mashat, Minister of International Cooperation, signed 6 development grant agreements with the European Union, the European Investment Bank, and the French Development Agency. 

Dr. Rania Al-Mashat, Minister of International Cooperation, signed 6 development grant agreements with the European Union, the European Investment Bank, and the French Development Agency. This underscores the constructive and strategic relations with bilateral and multilateral development partners to support development efforts and enhance national priorities.

Minister of International Cooperation, along with Mr. Olivér Várhelyi, European Commissioner for Neighborhood and Enlargement Policies, signed 4 grant agreements. The first agreement pertains to the INTERREG NEXT MED Cross-Border Cooperation Program for the Mediterranean Basin, Phase 2021-2027. This aims to achieve three general objectives for Mediterranean countries through innovative projects that promote green transformation, meet social needs, enhance competitiveness, and reduce emissions, support governance, and inclusivity. The total cost of the program is €292 million, with the EU contributing €263 million (89%), benefiting 15 countries including Egypt. The program targets projects in sustainable tourism, cultural heritage, creative and cultural industries, digital transformation, agriculture and agrifood, blue and circular economy, education and training, energy, and green construction.

Additionally, the special measures program to enhance Africa's capacity for vaccine and drug manufacturing was granted €3 million. It aims to sustainably implement national plans to increase local manufacturing of medical products, ensure fair access to these products, and support the regulatory environment for pharmaceutical technologies through research, skills development, and regulatory environment strengthening at the regional level.

Furthermore, the EU support program for youth employment and skills in Egypt (EU4YES) received a grant of €25 million under the Global Europe Neighbourhood and International Cooperation Mechanism. The program aims to support youth and adults in gaining relevant technical and vocational skills for employment, fair-income jobs, and entrepreneurship.

This action enhances the achievement of sustainable development goals by supporting the technical and vocational education and training (TVET) system, improving the quality of education and training to meet specific labor market needs, including green and digital transformations.

Moreover, the EU grant support program for the protection of future generations received a €8 million grant under the Neighbourhood and International Cooperation Mechanism. It aims to support Egypt's national approach to child protection systems by focusing on policy, legal, and institutional frameworks to combat child labor, improve access to comprehensive services, and create a positive social environment for children through comprehensive child protection approaches ensuring their rights to education, health care, nutrition, and others.

French Grant to Increase Grain Storage Capacities in Egypt

On another note, Dr. Rania Al-Mashat, Minister of International Cooperation, and Dr. Ali El-Moselhi, Minister of Supply and Internal Trade, together with the European Union and the French Development Agency, signed the implementation agreement for the grant between the government and the European Union regarding the "Support for Improving Grain Storage in Egypt" project valued at €56.7 million, managed by the French Development Agency.

The agreement aims to develop wheat silo storage capacities, increasing Egypt's resilience against wheat supply market disruptions and external shocks by building additional capacity for wheat silos to enhance current capacity and improve the efficiency and quality of the local wheat supply chain by facilitating local wheat supply and reducing grain losses from traditional open storage facilities through improving wheat storage conditions in silos. The silos will be specifically designed to withstand climate conditions to maintain grain quality.

Technical Support Project for Sludge Management in Egypt

The Preparatory Technical Support Project for Sludge Management in Egypt, with a €2 million grant from the European Investment Bank, benefits the Ministry of Housing, Utilities, and Urban Communities. It provides technical assistance to prepare necessary studies for sludge management at several priority sites in Egypt, aiming to replicate identified model solutions across other sites to enhance sustainable development goals, especially good health and well-being, clean energy, sustainable cities and communities, responsible consumption and production, and climate action.

Meetings

Prime Minister Meets EIB Vice President in Egyptian-European joint Investment Conference

On the sidelines of the Egyptian-European joint Investment Conference, The Prime Minister, Mostafa Madbouly met with the Vice President of the European investment bank, Gelsomiona Vigoloti.  

At the outset, Madbouly welcomed Vigliotti praising the strong relations and strategic partnership between Egypt and the European Investment Bank which is reflected in the high-level mutual visits between the officials from both sides.

Madbouly appreciated the Bank's keenness and commitment to financing many prioritised projects in Egypt and supporting the private sector in various fields. He also noted that the Bank contributed to the implementation of many projects in many fields across public and private sectors with a total investment of about 14 billion euros.

He explained that the flow of these funds into the Egyptian market confirms the commitment of the EIB to support private sector projects in Egypt despite the current challenges facing Egypt in light of the unstable regional situation.

Additionally, Madbouly pointed out that there is an important opportunity for Egypt to be a source of clean energy because of the sun, the wind, and the availability of great potential to produce green hydrogen so as to export it to the European continent as an alternative to traditional energy resources.

The Prime Minister added that the value of the financing provided to Egypt by the EIB from 2020 to 2023 amounted to 2,803 billion US dollars. This makes EIB  the first as a development partner over the past four years to support the development of the private sector in Egypt.

Vigliotti praised the cooperation relations between Egypt and the EIB over the past years, thanking the Governor of the Central Bank and the Minister of International Cooperation for their contributions in the bank’s potential building.

Vigliotti confirmed that the EIB is particularly interested in the green hydrogen sector in Egypt and there are many discussions that have been held with the project developers noting that the Bank has signed framework memorandums of understanding for cooperation with several companies in this field.

PM Meets with WB s Anna Bjerde

On the sidelines of the second day of the Egyptian-European Joint Investment Conference, the Prime Minister Mostafa Madbouly met today with Anna Bjerde, the World Bank's Managing Director of Operations and her accompanying delegation.

The PM began the meeting by expressing his appreciation for the ongoing partnership between the Egyptian government and the World Bank Group. This collaboration has been instrumental in bolstering the Egyptian economy through the funding of various development projects and programs.

He also lauded the International Finance Corporation's (IFC) role in offering technical advice to the Egyptian government on the privatization program.

 Bjerde stressed that Egypt and the World Bank Group have a great partnership based on ambitious and well-planned programs. She added that they are looking forward to expanding cooperation with the Egyptian government in various fields.

The World Bank continues to support the Egyptian government in its economic reform programs and aims to enhance the participation of the private sector in the economy," she said. In this context, she referred to the World Bank's $700 million financing to Egypt which was announced last week.

She noted that the World Bank Group highly appreciates the macroeconomic reform efforts and the measures taken to address high inflation. She added that the bank is currently working on several projects, including a program to support small and medium-sized enterprises, as well as another program to support agricultural production.

The WBG is also supporting several projects in the energy, transportation, digital connectivity, and healthcare sectors. In addition, it is working on supporting the IPO program and assisting entrepreneurs and startups.

During the meeting, Bjerde also discussed the challenges faced by the Egyptian government in hosting non-Egyptian guests. This includes providing healthcare, education, and accommodation to meet their needs and requirements.

In this context, the PM emphasized the importance of having a clear mechanism for collaboration between the Egyptian government and development partners. This mechanism would serve to provide the necessary support to Egypt so as to alleviate the burden it faces as a result of hosting approximately 9 million migrants and refugees.

Madbouly also asked for more support and cooperation with the World Bank in the field of social protection, especially the Takaful and Karama program and the comprehensive healthcare insurance system stressing that these two programs are among the priorities of the Egyptian government.

Prime Minister Meets Managing Director of Volkswagen Africa

On the sidelines of the second day of the Egyptian-European Joint Investment Conference, the Prime Minister, Moustafa Madbouly met with Martina Biene, the Managing Director of Volkswagen Africa, to discuss the company's plans to operate in the Egyptian market.

The Prime Minister began the meeting by emphasizing the importance the Egyptian state attaches to localizing the automotive industry in Egypt pointing to the measures that have been taken over the past period to advance the industry. This goes in line with the launch of the Automotive Industry Development Strategy and enacting a law that includes more incentives for car manufacturing companies. This is done in addition to the establishment of specialized industrial zones in the automotive industry, such as the East Port Said Zone.

Martina Biene said that the Volkswagen Group Africa is expanding its cooperation with the Egyptian government and the East Port Said Major Development Company by signing a new agreement to prepare a feasibility study for the automotive industry- related businesses in the East Port Said Industrial Zone.

Finance Minister Mohamed Maeet Meets Deputy Minister for Foreign Trade of the Netherlands

Finance Minister Mohamed Maeet met with Deputy Minister for Foreign Trade of the Netherlands, Eva Izsak, within the framework of the European-Egyptian investment conference

Maeet said that Egypt looks forward to improving this situation, referring to Egypt’s ongoing economic reform to achieve economic stability to Egypt and lure new investment in the private sector.

Maeet hilighted Egypt’s ongoing efforts to enhance partnership with the Netherlands in key economic sectors such as renewable energy, infrastructure, agriculture, and food industries.

He outlined Egypt’s strategy to localize green hydrogen production in the Suez Canal Economic Zone, offer incentives like tax cuts, expedite issuing investment licenses to attract Dutch investments and accelerate production, particularly in the renewable energy.

He said the geopolitical challenges in the Middle East region affects negatively trade and investment.

The minister pointed out that Egypt tops in the Arab countries in terms of green energy through implementing 32 green hydrogen projects.