Cairo – Mubasher: The European Union (EU) plans to provide firms in private sector with guarantees amounting to EUR 1.80 billion to enhance foreign direct investment (FDI) in Egypt.

The plans were discussed between Rania Al-Mashat, Egypt’s Minister of International Cooperation, and Gert Jan Koopman, Directorate-General Neighbourhood and Enlargement Negotiations (NEAR) Negotiations at the European Commission.

The two officials also addressed the mechanism of the European Fund for Sustainable Development (EFSD) to improve financing opportunities and secure guarantees for private-sector financing and investments in the Arab Republic.

In March, the country hosted an Egyptian-EU summit, during which President Abdel Fattah El-Sisi and the President of the European Commission Ursula von der Leyen penned a declaration including a financing package worth EUR 7.40 billion.

International partnerships with the Team Europe Initiative through soft loans hit nearly $12.80 billion for both the public and private sectors over four years.

A total of $7.30 billion was allocated for the public sector and $5.50 billion in financing for the private sector, which resulted in attracting investments from European companies in key sectors.