Egypt to receive $1.1bln from European Union by 2027

To support Egypt’s efforts to combat climate change, protect the environment and ensure sustainable food systems

  
Image for illustrative purpose. A man counts U.S dollars at a money exchange office in central Cairo, Egypt December 27, 2016. Picture taken December 27, 2016.

Image for illustrative purpose. A man counts U.S dollars at a money exchange office in central Cairo, Egypt December 27, 2016. Picture taken December 27, 2016.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Egypt will receive up to EUR 1 billion from the European Union (EU) over the coming six year, or by 2027, mobilising nearly EUR 9 billion of additional investments in the country, EU Commissioner for Neighborhood and Enlargement Oliver Varhelyi said in a statement.

The plan, which comes as part of the EU’s wider EUR 7 billion deployment of funds to the southern Mediterranean, sets water security as one of its top priorities.

The EU will work with the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) to “support Egypt’s efforts to combat climate change, protect the environment and ensure sustainable food systems,” the statement said.

Since 2007, the European Union provided to Egypt in response to water challenges more than €550 million in grants, leveraging funds of nearly €3 billion in the sector.

The Unions existing programs funded together with European Financing Institutions extend to over 16 Egyptian Governorates, provide nearly 20,000 permanent jobs and 600,000 short term job opportunities, mainly in rural areas.

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