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Tuesday, 31 October 2017

EU adopts framework of financial, technical cooperation with Egypt

The EU’s 2017-2022 framework for financial and technical cooperation with Egypt will focus on youth and women empowerment, the European Commission announced in a release. The framework, which EU Regional Policy Commissioner Johannes Hahn signed on Sunday, will see Egypt receive EUR 432-528 mn of assistance over the next three years. 40% of the total assistance budget will be directed towards economic modernization, energy sustainability, and environment; another 40% will be used for social development and protection projects; 10% will be allocated to governance and enhancing stability and democracy, with the remaining 10% going towards capacity development and civil society. The framework is based on the 2017-2020 partnership priorities agreement the two sides had signed back in July.

Hahn also met yesterday with Foreign Minister Sameh Shoukry to further discuss the support framework in terms of the economic reform agenda and investment climate, a ministry statement says. Combatting terrorism and curbing illegal migration also featured in the talks. Hahn also discussed increasing trade cooperation with President Abdel Fattah El Sisi.

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