2024/06/29

Madbouly witnesses the signing of four EU-funded financing agreements

On the sidelines of the joint Egyptian-European investment conference, opened on Saturday by President Abdel Fattah El-Sisi alongside European Commission President Ursula von der Leyen, Prime Minister Dr. Moustafa Madbouly witnessed the signing of four financing agreements funded by European Union grants.

The agreements were signed by Dr. Rania Al-Mashat, Minister of International Cooperation, and Oliver Varhelyi, European Commissioner for Neighborhood and Enlargement Policies.

The first agreement is for the "Cross-Border Cooperation for Mediterranean Basin Countries Phase III 2021-2027" program. Under this program, the European Union will provide €263 million in funding, representing 89% of the program's total budget of €292 million, to 15 countries. The program will support private sector development in Egypt and a number of Mediterranean Basin countries in the following sectors: sustainable tourism, cultural heritage, creative and cultural industries, digital transformation, agriculture and agri-food, blue and circular economy, education and training, energy, and green building.

The second agreement is for the EU Youth Employment and Skills Support Program in Egypt, with a total value of €25 million. The program aims to support young people in acquiring a number of skills, including technical and vocational skills for employment, fair-wage jobs, and entrepreneurship.

The third agreement, which is for EU support for future generations with a grant of €8 million, aims to support the national approach to child protection systems in Egypt. This will be done through activities that focus on child protection frameworks, combating child labour, and providing a comprehensive approach to ensure children's rights to education, health care, nutrition, and housing.

The fourth agreement is the "Measures to Enhance Africa's Capacity for Vaccine and Drug Manufacturing and Application of Health Technologies" project with a grant of €3 million. It aims to strengthen local vaccine manufacturing and support an enabling environment for the production of medical and health technologies through research and skills development.