On 01/01/1900 , Belgium has started to cooperate with Egypt.
Relations between Egypt and Belgium witnessed considerable development in the nineties in the areas of financial, economic and technical cooperation. In the framework of financial cooperation, Egypt received loans without interest until 1991 totaling BEF 610 million to be repaid over 30 years with a grace period of 10 years, in addition to a soft loan with the same previous conditions as a contribution to mitigating the negative effect of the Gulf War on the Egyptian economy. This loan has been fully used for the supply of 66 KV cables. In 1987, Egypt also received grants from Belgium worth USD 1 million for the supply of potable water treatment units. The Belgian Export Credit Guarantee provides short-term guarantees for Belgian exports to Egypt with a ceiling of EUR 250 million, and long-and medium-term guarantees (ten years at the most) and special operations with a ceiling of EUR 600 million.
In the context of economic and technical cooperation between both countries, an Economic, Technical and Industrial Cooperation Agreement was signed on 11/12/1979 between Egypt and the Economic Union of Belgium and Luxembourg to establish a joint committee to follow up the implementation of this Agreement.
Latest aspects of cooperation :
A Debt Swap Agreement was signed on 16/7/2012 between the governments of the Arab Republic of Egypt and the Kingdom of Belgium to swap three installments of the debt owed by Egypt to Belgium equivalent to the net present value of approximately EUR 2.1 million, approximately EGP 15.9 million. Under this Agreement, the local amount equivalent to the swapped amount is used to finance economic development projects and the social program "Egyptian Economic Development."
Consultations and coordination are in progress with the Ministry of Supply and Internal Trade to use the amount of debt swap to finance a project to set up modern bakeries and/or silos.