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France and Egypt signed several key strategic partnership agreements on Monday, aimed at strengthening Egypt’s economy in the face of regional volatility, Reuters reported. The agreements, which cover vital sectors such as health, transport, and energy, were announced during a joint press conference in Cairo by French President Emmanuel Macron and Egyptian President Abdel Fattah al-Sisi.
During the conference, Macron highlighted Egypt’s significance as a strategic partner for France amid increasing regional instability. “Egypt is a strategic partner for our country,” Macron said, adding that France’s commitment to Egypt’s stability is unwavering.
Stressing that the new agreement would help support Egypt’s economic challenges, Macron said, “I would thus like to reaffirm France’s commitment to ensuring the stability of Egypt given the context of a worsening climate in the region and as the Egyptian economy faces challenges,” he said, according to Reuters.
Economic Support and Development Assistance
As part of the agreements, France’s overseas aid development body would provide 260 million euros ($284.5 million) in loans and grants for allocation to key sectors, including transport, health, water, and energy, which are essential for the continued development and stability of the Egyptian economy, the report said.
Macron also reiterated France’s support for Cairo’s talks with the International Monetary Fund (IMF) and the European Commission, discussions that are seen as vital for the Egyptian economy, which is facing high inflation rates and shortages of foreign currency. According to the report, the IMF approved the disbursement of $1.2 billion to Egypt last month to aid in stabilizing the country’s economy.
Additionally, both leaders expressed concern over the ongoing violence in Gaza, calling for an immediate ceasefire in the enclave.
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