Egypt plans to secure €2 billion ($2.19 billion) from the European Union to fund new industrial projects in 2024, aiming to increase its exports to the EU by 10% and achieve €12.5 billion ($13.7 billion) in trade, up from €11.5 billion ($12.6 billion) last year.
The EU currently accounts for 32% of Egypt’s foreign direct investment (FDI) inflows, and the government seeks to further strengthen these ties. Recent investment commitments, including a $1.5 billion gas and drilling venture between BP and Abu Dhabi National Oil Co., and a $35.4 billion green ammonia production agreement with European companies, reflect growing confidence in Egypt’s FDI sector.
At the EU-Egypt Investment Conference, a memorandum of understanding was signed for €1 billion ($1.09 billion) in macro-financial assistance to support Egypt’s private sector. However, the aid package also aims to curb irregular migration, a strategy that has drawn criticism from NGOs. Despite the controversy, Egypt remains focused on increasing FDI inflows to bolster its economy.
