Egypt has entered into nine agreements for concessional financing and grants with France and the European Union (EU), totaling EUR262.3 million ($290.2 million). These agreements are set to support priority projects across the water treatment, sanitation, electricity, and rail transport sectors.
These deals were formalized during the state visit of French President Emmanuel Macron to Egypt. The occasion also included the signing of a strategic partnership agreement between the two nations, witnessed by Egyptian President Abdel Fattah El-Sisi.
New phase in Egypt-France relations
Egypt’s Minister of Planning, Economic Development, and International Cooperation Dr. Rania Al-Mashat played a pivotal role by signing two joint declarations with the French delegation. These declarations aim to renew technical and financial cooperation and to initiate four new development projects, all part of a collaborative vision to boost Egypt’s economic development efforts.
Al-Mashat articulated that these agreements signify a new phase in the Egypt-France relationship, culminating ongoing cooperation and reflecting the robust growth of Egypt’s ties with Europe in recent years.
Read more: Egypt aims for $60 billion in foreign direct investment, $145 billion in exports
Ambitious economic targets for Egypt
Egypt has set ambitious targets for the upcoming years, including a goal of attracting $60 billion in foreign direct investment and increasing export values to $145 billion.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones in Egypt, emphasized that the Egyptian government is working towards achieving a private sector contribution of up to 65 percent of total investments by 2030. During his address at the Egyptian-French Business Forum, Heiba stated, “Egypt has succeeded in implementing structural economic reforms that have contributed to strengthening the investment environment.” Remarkably, in 2024, Egypt recorded foreign direct investment inflows of $46.6 billion, showcasing the growing confidence of the international community in the Egyptian economy.
Strategic partnership in green hydrogen production
On Tuesday , Egypt and France concluded 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. This agreement was signed amidst French President Emmanuel Macron’s recent visit to Egypt, which also included strategic partnership agreements across various sectors such as health, transport, and energy. Macron underscored that these collaborations would enhance Egypt’s stability in light of ongoing regional volatility.
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 set to visit the Egyptian port of El-Arish, located near Gaza, to bring attention to the urgent humanitarian situation in the territory. This visit highlights France’s commitment to addressing pressing humanitarian issues.
