Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation, and Éric Chevallier, the French Ambassador to Cairo, announced a new technical and financial cooperation agreement between Egypt and France valued at 4 billion euros until 2030.

This agreement follows the joint declaration signed during the summit held between Egyptian President Abdel Fattah El-Sisi and French President Emmanuel Macron in April in Cairo, confirming the advancement of Egyptian-French relations to the level of a strategic partnership.

Agreement Details

The cooperation agreement covers three main areas: human development, primarily higher education; sustainable infrastructure; and combating climate change through financing green projects within the national platform of the “Noufi” program, consistent with the economic model “National Narrative for Economic Development” aimed at transitioning to more productive sectors with better access to export markets.

During a press conference with the French ambassador, Rania explained that both Egyptian and French sides have engaged in ongoing discussions since the signing of the joint declaration to determine project priorities to be financed under the cooperation agreement.

Investment Areas

Al-Mashat emphasized that Egyptian-French relations are not limited to developmental cooperation but extend significantly into investment, trade exchange, and cultural relations, also opening wider regional cooperation and expansion of joint projects.

She noted that financing for economic development is a common factor across various strategies and development plans, and that concessional financing is among the least costly types of financing with the most favorable grace and repayment periods. Therefore, Egypt seeks to benefit from such financing and leverage its relationships with international partners in line with the Public Investment Authority and the investment spending ceiling of 1.16 trillion Egyptian pounds in the last fiscal year.