The European Union and Egypt have signed a €129 million ($142.3 million) package of financial assistance to support socio-economic development in Egypt.

The agreement was signed by Johannes Hahn, commissioner for European Neighbourhood Policy and Enlargement Negotiations, and Dr Sahar Nasr, Egyptian Minister of International Cooperation, at a ceremony held in Cairo.

Hahn said: “This package of financial assistance clearly underscores the European Union's strong support to the Egyptian people.”

“It will boost socio-economic development and improve the living conditions of Egyptian citizens. In addition it foresees measures in favour of strengthening the role of the civil society,” he added.

The package is comprised of six financing agreements with a combined value of €129 million ($142.3 million, said a statement.

The agreements focus on improving the quality of life of Egyptian citizens by promoting inclusive economic growth, improving the living conditions in informal areas of Cairo, contributing to the provision of citizen rights, including gender equality, and supporting priority projects in the field of renewable energy and agricultural drainage, it stated.

Additionally, it includes support at institutional level to on-going reforms in the energy and water sectors, it said.

This support is in line with priorities that the EU and Egypt are setting for their partnership in the coming years, it added. – TradeArabia News Service