In its plenary session held on Monday, December 2, the House of Representatives approved Presidential Resolution No. 400 of 2024 regarding a memorandum of understanding for the macroeconomic and budget support mechanism between Egypt and the European Union worth one billion euros, which comes in light of upgrading relations between the two sides to the level of a strategic partnership and financial package. Which was announced during a meeting between President Abdel Fattah El-Sisi, President of the Republic, and Ursulain von der Leyen, President of the European Commission, in Cairo last March.
Al-Mashat explained that the Egyptian-European summit is a turning point in the relationship between the two sides, as it witnessed the announcement of upgrading the level of relations to a strategic partnership, and according to this announcement, a financial package worth 7.4 billion euros was agreed upon to enhance European investments in Egypt, support the Egyptian economy, and expand the scope of cooperation. Within the framework of national priorities; Promoting economic stability to ensure a stable and attractive economic environment for investment, encouraging investment and trade in a way that contributes to strengthening bilateral economic relations, developing migration and mobility frameworks to ensure the exchange of expertise and human resources in an organized and mutually beneficial manner, and expanding efforts to develop human capital.
The Minister of Planning, Economic Development and International Cooperation added that the macroeconomic and budget support mechanism represents a major axis of cooperation with the European Union, in light of the state’s directions to implement structural reforms that stimulate the private sector and confront the challenges facing the Egyptian economy, as the mechanism provides long-term soft financing. term to support the budget and enhance the state's ability to move forward with reforms.
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