Back to the complete issue
Monday, 30 October 2017

Egypt lands EUR 600 mn in funding for EU, but no “Turkey-style” refugee agreement

Egypt signed three MoUs with the European Commission yesterday worth a combined EUR 600 mn, an Investment Ministry statement says. Under a EUR 432-528 mn agreement running from 2017-2022, Egypt will receive support for its economic reform agenda, for renewable energy and for social development projects. (This includes a EUR 38 mn grant from the EU and EUR 360 mn from the EBRD and EIB for sanitation projects in rural areas). Under the second MoU, Egypt will receive EUR 8 mn from the Commission, as well as EUR 237.7 mn from the EIB, to develop the Alexandria tramway.

Still no ‘Turkey-style’ migration agreement: The third and final MoU covered the stemming of illegal migration to Europe, for which Egypt will receive a EUR 60 mn grant. Although a step forward, the agreement lacks the depth and structure of the EU’s pact with Turkey on refugee management and assistance, despite calls from European Officials, including German Chancellor Angela Merkel, who had said that a Turkey-style agreement with Egypt could help Europe “deal with the root causes of migration.” Egypt had also signed an MoU with Germany back in August on handling refugee flow.

The agreements were inked during EU Regional Policy Commissioner Johannes Hahn’s stop in Cairo yesterday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.