Egypt received US$12.8 billion in soft European financing over 4 years: Minister

Egypt received US$12.8 billion in soft European financing over 4 years: Minister

Minister of International Cooperation Rania al-Mashat said that Egyptian-European relations are developing at a strong pace, as international partnerships with Team Europe Initiatives (TEIs) through soft financing amounted to about US$12.8 billion into Egypt over four years. She explained that $7.3 billion of this sum was for the government sector, with $5.5 billion in financing …

The post Egypt received US$12.8 billion in soft European financing over 4 years: Minister appeared first on Egypt Independent.Minister of International Cooperation Rania al-Mashat said that Egyptian-European relations are developing at a strong pace, as international partnerships with Team Europe Initiatives (TEIs) through soft financing amounted to about US$12.8 billion into Egypt over four years.

She explained that $7.3 billion of this sum was for the government sector, with $5.5 billion in financing for the private sector, which resulted in attracting investments by European companies in priority sectors.

These remarks came during Mashat’s participation in the EU-Egypt Association Council meeting, held in the Belgian capital Brussels, with the aim of reviewing cooperation with the TEI institutions during 2020-2023 and preparing for future joint work.

Cooperation with the European Union is an example of constructive partnerships that extend over decades, she explained, based on meeting national priorities and responding