A major Egyptian-European investment conference concluded on Sunday, resulting in investment agreements totaling tens of billions of U.S. dollars.
During the two-day Egypt-EU Investment Conference in Cairo, the Sovereign Fund of Egypt and the Suez Canal Economic Zone (SCZone) signed four significant agreements worth approximately 33 billion dollars in the green ammonia sector. The Egyptian cabinet made the announcement in a statement on Sunday.
The first agreement, valued at 11 billion dollars, was signed with Germany’s DAI Infrastruktur GmbH. India’s Ocior Energy secured the second deal for 4.25 billion dollars. The third contract, worth 3.46 billion dollars, was signed with a consortium including Egypt’s TAQA Arabia and France’s Voltalia. The fourth and largest agreement, valued at 14 billion dollars, was signed with a group comprising Britain’s BP, the UAE’s Masdar, Egypt’s Hassan Allam Utilities, and Infinity Power, a joint venture between Egypt’s Infinity and Masdar.
Waleid Gamaleldien, chairman of the SCZone General Authority, highlighted that these agreements demonstrate the growing interest of international companies in investing in Egypt, indicating strong confidence in the Egyptian economy.
These agreements followed European Commission President Ursula von der Leyen’s announcement at the conference’s opening. She revealed that European companies are entering over 20 new deals or MoUs with Egyptian partners, valued at more than 40 billion euros (approximately 42.9 billion dollars).
Amr Saleh, an Egyptian professor of political economy and former World Bank consultant, emphasized that this cooperation will enhance various sectors in Egypt, including communications, energy, digital transformation, transportation, modern irrigation, petrochemicals, and food industries. He added that Egypt has presented an investment agenda to the EU in these sectors and hopes to attract substantial European investments to significantly boost the Egyptian economy.
