Ursula von der Leyen: signing more than20memoranda of understanding، worth $42.85 billion

Ursula von der Leyen President of European Commission annonced، at the presence of President Abdel Fattah El Sisi، that European companies would sign more than 20 memoranda of understanding، potentially worth more than 40 million euros ($42.85 billion) with Egyptian government and companies، emphasizing their commitment to more financial support to Egypt on the sidelines of the activities of the first day of the Egyptian EU Investment Conference that ends today.

Ursula von der Leyen President of European Commission said that Egyptian government signed a memorandum of understanding with the European Union to obtain the first tranche of the mechanism to support the Egyptian economy، worth one billion euros، on the first day of the Egyptian EU Investment Conference.

European companies looking to invest in the fields of green hydrogen، water management

Ursula von der Leyen President of European Commission indicated that the agreements concluded by Egypt on the first day of the Egyptian EU Investment Conference، which was held over the course of June 29 and 30، with  European companies looking to invest in the fields of green hydrogen، water management، construction، chemicals، shipping، aviation، automobiles، and other industries.

Egyptian President Abdel Fattah El-Sisi stated that European investments in many sectors of the Egyptian economy are expected to mobilize about 5 billion euros، in addition to investment guarantees worth 1.8 billion euros and that the investment opportunities available in Egypt will be presented to European investors and Ursula von der Leyen President of European Commission during the Egyptian EU Investment Conference.

Strategic measures to make Egypt a center for the localization of foreign companies

Ursula von der Leyen، President of the European Commission، participated in the sessions of the joint Egyptian EU Investment Conference، which was attended by a number of European commissioners، Egyptian ministers، and representatives of multilateral institutions and the private sector. 

A discussion session was devoted to discussing strategic measures to make Egypt a center for the localization of foreign companies، while another session was organized on the importance of programs with cooperation between Egypt، the International Monetary Fund، and the European Union in supporting the private sector.

Egypt to shed light on the economic reform plans pursued by the government

The joint Egyptian EU Investment Conference began in the presence of Ursula von der Leyen، President of the European Commission، and a wide presence of representatives of the Egyptian government and the European Union، in addition to multilateral institutions and the private business sector from both sides، to shed light on the economic reform plans pursued by the Egyptian government، with the aim of strengthening the investment environment for the private sector. 

Ursula von der Leyen، President of the European Commission، pointed out during the joint Egyptian EU Investment Conference activities to strengthen relations between Egypt and Europe، because this is a win-win for both parties. 

Egypt seeks to achieve great progress in the field of green and renewable energies

Ursula von der Leyen also stressed that Egypt seeks to achieve great progress in the field of green and renewable energies and that the European Union has a great interest in clean، free energy of carbon emissions.

President Abdel Fattah El-Sisi warned that the joint Egyptian EU Investment Conference comes at a very sensitive time  amidset successive international and regional crises، which require coordination between Europe and Egypt، while European officials assured they want to help Egypt، which suffers from repeated shocks، including the consequences of the war in Ukraine and the Covid-19 pandemic، to become stronger by strengthening investments and the private sector.

Signing two agreements to produce green hydrogen and ammonia

The joint Egyptian EU Investment Conference witnessed also signing two agreements to produce green hydrogen and ammonia in Egypt with investments of 31 billion euros، the first phase at a cost of three billion euros، and aims to provide up to two million tons annually of green fuel.

Ursula von der Leyen، President of the European Commission، explained that these two agreements are implemented by an alliance that includes the New and Renewable Energy Development and Utilization Authority of the Ministry of Electricity and Renewable Energy with the Belgian Demi Highport Energy Company، the French company EDF Renewable and the Egyptian Emirati Zero Waste company.