Egypt’s President Abdel Fattah El-Sisi and French President Emmanuel Macron signed strategic partnership agreements in transportation, health, and education on Monday in Cairo, as reported by Egyptian state TV.
On Tuesday, the French leader will visit the Egyptian port of El-Arish, situated near Gaza, to draw attention to the territory’s humanitarian plight. This visit reflects France’s commitment to addressing pressing humanitarian issues.
Macron and El-Sisi enjoyed a dinner in a Cairo souk just after the French president’s arrival for the 48-hour visit. This cultural engagement demonstrates the significance of bilateral relations beyond politics.
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Support from the European Parliament
Members of the European Parliament approved a proposal last week to provide Egypt with loans worth EUR4 billion (approximately $4.3 billion). The EU Parliament adopted this macro-financial assistance to Egypt with 452 votes in favor, 182 against, and 40 abstentions. Furthermore, the European Commission proposed additional support for Egypt on March 15, 2024, in the form of macro-financial assistance through loans amounting to up to EUR5 billion.
Through these strategic partnerships and financial support, both Egypt and France aim to strengthen their ties and address mutual challenges in the region.
In June 2024, Egypt’s Prime Minister Mostafa Madbouly highlighted that French investments in Egypt have reached $7.2 billion through 940 companies, covering sectors such as infrastructure, banking, insurance, energy, transportation and communications.
Flourishing bilateral trade
In 2023, trade between Egypt and France showed robust activity, with France exporting goods worth approximately $2.17 billion to Egypt. Key exports included aircraft, wheat, and automobiles. Moreover, Egypt’s exports to France totaled around $1.04 billion, primarily consisting of nitrogenous fertilizers, petroleum gas, and insulated wire.
In 2024, Egypt’s orange exports to France increased by 26 percent, reaching 42.7 thousand tons, despite a revenue drop to $25.3 million. This growth reflects Egypt’s rising share in France’s orange import market, moving from 8 percent in 2023 to 9.7 percent by the end of 2024.
