EU’s Head of the European Neighborhood Policy and Enlargement Negotiations, Johannes Hahn, will sign a $142.17m funding package  to support  social and economic reforms in Egypt, as well as create job and supporting citizens’ rights, reported Al Mal News.

The fund comes in light of Hahn’s visit to Egypt mid October during which he is scheduled to meet with Egyptian President, Abd El Fattah El Sisi, and several government officials including the Egyptian Minister of International Cooperation, Sahar Nasr, and Minister of Petroleum, Tarek El Molla.

Hahn stated that the facility program, which is projected to start in 2017, will collect funds from European financial institutions in order to create an environment that attracts local and international investments to Egypt. He emphasized the importance of supporting the country, as Egypt is an important neighbor to the EU.