"Within the framework of the 'Team Europe' approach, we are working to advance our strategic partnership with Egypt and empower the private sector."

Mr. Stefano Sannino, Director-General for Southern Mediterranean and Middle East at the European Commission, emphasized the European Union's efforts to support private sector empowerment and its role in achieving development, especially in important sectors like renewable energy.

This came during his speech at the conference organized by the Ministry of Planning, Economic Development and the Ministry of International Cooperation, titled "Development Finance to Foster Private Sector-Led Growth & Jobs". The conference was held under the patronage and in the presence of His Excellency Dr. Mostafa Madbouly, Prime Minister, along with a number of ministers, the Federation of Chambers of Commerce, the Federation of Industries, business councils, development partners, and ambassadors.

Mr. Stefano Sannino underscored that the “Egypt - EU Investment Guarantees For the Development Mechanism (EFSD+)” is a strategic platform designed to accelerate investment projects and provide large-scale financing solutions in Egypt. The launch of this mechanism comes almost a year after the successful Egypt-EU Investment Conference, which opened up many European investment opportunities in Egypt. This exemplifies a new key achievement in the implementation of the strategic partnership between the European Union and Egypt.

He also noted that within the framework of the "Team Europe" approach, the European Union is leveraging its strategic investments and economic partnership in sustainable growth and green transition in Egypt. He explained that the EFSD+ will help mobilize up to €5 billio euros in public and private investments between 2024 and 2027.