The European Union and the Egyptian government on Sunday launched the EU-Egypt Investment Guarantee for Development Mechanism.
This platform will attract investments to high impact projects in areas such as clean energy, water and wastewater management and sustainable agriculture, a statement to APA on Monday explained.
It will also support digital transformation, and the development of small and medium-sized enterprises (SMEs). The platform aims to mobilise up to €5 billion in investments by 2027.
This includes €1.8 billion announced as part of the EU-Egypt Strategic and Comprehensive Partnership.
To achieve this, the platform will leverage EU resources from the European Fund for Sustainable Development Plus (EFSD+).
It will also draw resources from European and International Financial Institutions (IFIs) that implement EU guarantees in close coordination with member states and the private sector.
It marks a key milestone under the EU-Egypt Strategic and Comprehensive Partnership and contributes to the EU’s Global Gateway strategy.
WN/as/APA