Berger said that the European Union has issued grants to Egypt and has been steadily increasing its involvement in the Egyptian economy in an effort to contribute to its sustainable growth.

According to Berger, the EU provides active assistance to Egypt with about 1.2 billion euros a year.

“The European investment bank is very active in Egypt,” he said, explaining that “Egypt has the second largest portfolio [for the bank].”

On the issue of food security, he mentioned that the EU “has reached out and is providing assistance worth about 100 million euros to help in stabilising prices.”

Berger also said the EU followed “very closely” the discussion that Egypt has had with the IMF for its latest loan agreement, which he said the EU supports.

Trade between the EU and Egypt

Ambassador Berger noted that the EU representation in Egypt collaborates closely with the Egyptian government to ensure that “trade continues flowing in an uninterrupted manner,” so that the strong commercial ties reinvigorate markets in Egypt.

Moreover, Berger said that the EU plans to begin importing electricity from new countries, including Egypt, which would add a significant new source of income for the Egyptian economy. “Egypt has an abundance of solar and wind energy… Europe will be very happy to buy this electricity.”

Exporting energy on a larger scale to Europe will provide a new revenue stream for the Egyptian government, which will in turn create more jobs and have positive effects on local markets, bringing more foreign currency into the economy and attracting more foreign investment.

A memorandum of understanding has already been signed between the EU and Egypt for exporting Liquified Natural Gas, Berger said, adding that this is an important avenue of cooperation between the EU and Egypt.