European Commission President Ursula von der Leyen addressed a conference in Cairo on Saturday to mark the signing of an agreement that will see the EU invest €1 billion ($1.1 billion) in Egypt.
"Today, Egypt and Europe are closer than ever before, so this is a true win-win partnership for Egypt and for Europe alike," said von der Leyen.
The €1 billion financing agreement is the first tranche of a larger €7.4 billion package that von der Leyen announced in March. The money will be invested in sectors including clean energy, manufacturing, and food security, according to the commission.
Von der Leyen spoke at a joint investment conference in Cairo intended to promote ventures in Egypt by European businesses.
The money will "accompany and incentivize Egypt's reform agenda," von der Leyen said. "These reforms will foster a stronger business environment and attract more investment and create more good jobs in Egypt."
Von der Leyen was accompanied by two other EU commissioners: Neighbourhod Commissioner Olivér Várhelyi and Economy Commissioner Valdis Dombrovskis, who will sign the deal on behalf of the EU.
"This conference marks the first implementation steps in the course of elevating the relations and reflects commitment of Egypt and the EU to go beyond the phase of pledges to the phase of implementation," Egyptian President Abdel Fattah al-Sissi said in a speech at the conference in Cairo.
"The convening of this conference comes at a very delicate time amid successive international and regional crises. Egypt has proven to be a reliable partner in facing joint challenges in a way that achieves security and stability," he said.