African countries

Focus on Egypt — Cairo invites African countries to consolidate their position ahead of COP27

Focus on Egypt — Financing agreements with the European Investment Bank have reached $316 million since the start of 2022

RIYADH: Financing agreements with the European Investment Bank have reached a significant amount since the beginning of 2022.

In addition, bilateral trade between Egypt and Brazil is expected to be exempt from tariffs by 2026.

In addition, the European Bank for Reconstruction and Development revealed an important financial package to support small and medium-sized enterprises in the African country.

Meanwhile, the country has launched a production line to make liquid detergents as an alternative to importing them.

The development finance agreements signed in early 2022 between Egypt and the European Investment Bank amounted to 300 million euros ($316 million), local newspaper Egypt Today reported, citing the ministry of International cooperation. This is in addition to two EU grants amounting to €24 million. The agreement is in line with Egypt’s 2030 vision, which aims to achieve the Sustainable Development Goals.

Most bilateral trade between Egypt and Brazil is expected to be exempt from tariffs by 2026, local newspaper Youm 7 reported, citing Brazilian Ambassador to Egypt Antonio Patriota. This is a result of the Mercosur free trade agreement between the African country and countries in the group – including Argentina, Brazil, Uruguay and Paraguay – which was implemented in 2017.

The European Bank for Reconstruction and Development has unveiled a $25 million financing plan to support small and medium enterprises in Egypt in collaboration with the Egyptian Export Development Bank, local newspaper Daily News Egypt reported.

·Egypt has launched a production line to make liquid detergents instead of importing them, local newspaper Youm 7 reported, quoting Trade and Industry Minister Nevin Gamea. This comes as the Egyptian government is keen to provide necessary assistance to industrial companies operating in the market to enhance production and export capacities and thus create more job opportunities.