The signing in the Belgian capital, Brussels, took place during a Euro-Egyptian summit and was witnessed by President Abdel Fattah El-Sisi, European Commission President Ursula von der Leyen and European Council President Antonio Costa.
The accord was signed by Minister of Planning, Economic
Development and International Cooperation, Dr. Rania Al-Mashat, and European
Commissioner for Economy and Productivity, Valdis Dombrovskis.
Al-Mashat explained the 4-billion-euro second phase of the
MFA is part of a broader EU-Egypt strategic partnership aimed at supporting
macroeconomic resilience through trade and investment. She noted the amount was
agreed upon after coordination on a structural reform matrix of 87 reforms
within Egypt's national structural reform programme.
The reforms are intended to boost macroeconomic stability,
improve competitiveness and the business environment, and support green
transition, including protecting the Red Sea ecosystem. Al-Mashat said the
partnership will strengthen government efforts to continue economic reform,
increase economic resilience against external fluctuations, lengthen debt
maturity and enhance debt sustainability.
The Minister noted the European Parliament had previously approved the first phase of the MFA, a 1-billion-euro tranche, in December 2024, which the government received in January 2025.