OREANDA-NEWS. Today, the European Union and Egypt signed two EU assistance programmes that will strengthen social safety nets and foster inclusiveness and sustainable economic development in the country.

Today's signatures launch the ‘EU Facility for Inclusive Growth and Job Creation', an instrument that will leverage some €420 million in support of reforms to improve the environment for business creation and to facilitate access to finance for Small and Medium-sized Enterprises (SMEs).

The High Representative/Vice-President Federica Mogherini, who signed the agreements in Cairo together with Egyptian Minister for International Cooperation, Sahar Nasr, said: “This is time for concrete cooperation. With these programmes, we will work together to create jobs for young people, support children attending school, including the most vulnerable. The priority for the European Union is working for the citizens of our region".

Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, said: "These programmes underscore the European Union's strong support to the people of Egypt. The current financial package will contribute to stabilisation in Egypt by promoting sustainable economic development and hence improving the future prospects of the population".

New ‘EU Facility for Inclusive Growth and Job Creation' launched

The programme will also be a key mechanism for the EU to support the implementation of Egypt's economic reform programme around which the International Monetary Fund approved a three-year funding under the Extended Fund Facility in November 2016.