Egypt and France have finalized a substantial EUR7 billion ($7.68 billion) agreement aimed at developing, financing, and operating a green hydrogen production facility, as confirmed by Egypt’s transportation ministry.
The agreement was signed during French President Emmanuel Macron’s recent visit to Egypt. This visit included the signing of strategic partnership agreements that span various sectors, including health, transport, and energy. Macron emphasized that these collaborations would boost Egypt’s stability amid ongoing regional volatility.
“Egypt is a strategic partner for our country,” remarked Macron while standing alongside Egypt’s President Abdel Fattah al-Sisi at a news conference in Cairo. He further stated, “I would thus like to reaffirm France’s commitment to ensuring the stability of Egypt given the context of a worsening climate in the region and as the Egyptian economy faces challenges.”
Strategic partnerships in multiple sectors
On Monday, El-Sisi and Macron formalized strategic partnership agreements in transportation, health, and education, as reported by Egyptian state television. Following these discussions, the French leader is scheduled to visit the Egyptian port of El-Arish, located near Gaza, to highlight the pressing humanitarian situation in the territory. This visit underscores France’s commitment to addressing urgent humanitarian issues.
On the same day, Macron and El-Sisi shared a dinner in a Cairo souk shortly after the French president’s arrival for the 48-hour visit. This cultural engagement illustrates the importance of bilateral relations that extend beyond mere political dialogue.
Read more: Egypt, France sign strategic partnership agreements in key sectors
European Parliament supports financial aid for Egypt
In a related development, members of the European Parliament last week approved a proposal to extend loans to Egypt amounting to EUR4 billion (approximately $4.3 billion). The EU Parliament adopted this macro-financial assistance package with a vote of 452 in favor, 182 against, and 40 abstentions. Additionally, the European Commission proposed further support for Egypt on March 15, 2024, in the form of macro-financial assistance through loans totaling up to EUR5 billion.
Through these strategic partnerships and financial support initiatives, both Egypt and France are working to strengthen their ties and collaboratively address mutual challenges in the region.
