Egyptian Prime Minister Sherif Ismail attended the signing of a strategic energy partnership memorandum of understanding (MoU) between Egypt and the European Union (EU) on April 23rd, Egypt Oil & Gas reports.

The Egyptian Cabinet announced that the MoU was signed after ministerial-level discussions, a number of high-level visits and a series of coordination meetings.

“The signing of the MoU represents a major milestone and a step change in the fruitful relationship between Egypt and the EU,” the EU stated.

The MoU signing took place during the three-day visit to Egypt by EU Commissioner for Climate Action and Energy Miguel Arias Cañete between April 22-24, 2018.

There is a possibility that European financial institutions will provide $4.64 billion in financial support to Egyptian projects, Cañete said during a press conference, adding that Egypt is moving towards making the natural gas sector one of the most attractive sectors for investments, according to Youm7 newspaper.