Egypt, the UAE and France have signed a trilateral economic Memorandum of Understanding (MoU) at the Egypt Economic Development Conference (EEDC) in Sharm El Sheikh.

The MoU is focused on stimulating private sector investment in a number of priority sectors that have been identified by Egypt; including energy, infrastructure, transportation, information technology and communications, with a particular focus on encouraging environmental best practices.

The MoU was signed by Egypt’s minister of international cooperation Naglaa El Ahwany, UAE’s minister of state Dr Sultan Ahmed Al Jaber and Anne-Marie Idrac, special representative of France’s minister of foreign affairs.

"We are delighted to sign this trilateral memorandum between the UAE, Egypt, France. This move reflects our collective understanding of the strategic importance of Egypt’s stability,” said Al-Jaber.

On her part, El Ahwany said: "The signing of this memorandum of understanding is yet another indication of the UAE’s commitment to supporting Egypt’s economy and ensuring its long term sustainability."

The MoU also includes a study on a UAE/France renewable energy program in Egypt that aims to produce 20% of Egypt’s electricity needs from renewables by 2020.

Masdar, Abu Dhabi’s renewable energy company, will play an important role in the trilateral cooperation by utilizing its expertise in solar and wind energy; while the UAE and France will collaborate on ways to support Egypt’s promising goal of energy efficiency and the adoption of clean technology and reducing its carbon emissions for a sustainable environment.