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Egyptian President Sisi discusses strategic partnership with European Council President Costa at G7 Summit
via Egypt Today2 min read
Egyptian President Abdel Fattah El Sisi expressed appreciation for the growing trajectory of Egyptian-European relations, particularly after their upgrade to a comprehensive strategic partnership and the first Egypt-European Summit in October 2025. He emphasized strengthening these relations across economic, trade, and investment sectors, and enhancing political consultations for regional peace and stability. During a meeting with Ant贸nio Costa, President of the European Council, at the G7 Summit in Evian, France, President Costa praised the strategic partnership between Egypt and the European Union, affirming the EU's commitment to further strengthening it. The discussion also covered recent regional developments, with President Sisi welcoming the US-Iran agreement and expressing hope for reduced escalation. President Sisi reiterated Egypt's commitment to cooperating with Europe for comprehensive solutions to regional crises, highlighting the importance of implementing US President Donald Trump's peace plan for Gaza, maintaining calm, ensuring humanitarian aid delivery, and accelerating recovery efforts. The European Council President emphasized close coordination between Egypt and the EU for regional and international peace, commending Egypt's role in promoting stability and its efforts in supporting the US-Iran negotiation process. He also praised cooperation in combating terrorism and illegal migration.
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This summary was AI-generated from a story originally published by Egypt Today.
Egyptian President Abdel Fattah El-Sisi met with Ant贸nio Costa, President of the European Council, in Evian, France, during the G7 Summit. President Sisi expressed appreciation for the growing Egyptian-European relations, which were elevated to a comprehensive strategic partnership in October 2025. He emphasized strengthening economic, trade, and investment ties, and enhancing political coordination for regional peace and stability. The European Council President commended the strategic partnership and affirmed commitment to further strengthening relations. The discussion also covered regional developments, with President Sisi welcoming the agreement between the United States and Iran, hoping it would de-escalate regional tensions. He stressed adherence to US President Donald Trump's peace plan for Gaza, maintaining the ceasefire, facilitating humanitarian aid, and expediting recovery and reconstruction. The European Council President highlighted the importance of coordination between Egypt and the EU for regional and international peace, praising Egypt's role in stability and its efforts in supporting the US-Iran negotiating track. He also lauded cooperation in combating terrorism and illegal immigration.
Egypt's net foreign assets increased to approximately $15.22 billion by the end of May 2026, up from about $15.16 billion at the end of April, according to data from the Central Bank of Egypt. Reserve money also rose to EGP 2.57 trillion by the end of May, compared to EGP 2.43 trillion in the previous period. This growth reflects improved liquidity and reserves within the banking sector, driven by stronger foreign currency inflows into the Egyptian market. These inflows have supported the net foreign assets surplus, enhanced exchange rate stability, and improved the banking sector鈥檚 capacity to fulfill the economy's foreign currency requirements. Net foreign assets, which measure the difference between foreign assets and foreign liabilities, indicate the economy's ability to meet external obligations and maintain financial market stability. The consistent surplus in recent months highlights increasing foreign currency flows into the Egyptian economy, supported by exports, remittances from Egyptians working abroad, and foreign investments.
President Abdel Fattah El Sisi reaffirmed Egypt鈥檚 commitment to strengthening its relations with the European Union and exploring opportunities for cooperation in innovative and non-traditional fields. These remarks were made during his meeting with European Commission President Ursula von der Leyen on the sidelines of the G7 Summit in 脡vian. Presidential Spokesman Mohamed el Shennawy stated that President Sisi praised the positive momentum in Egypt-EU relations since their elevation to a Comprehensive Strategic Partnership in 2024. Sisi highlighted efforts to implement outcomes from the 2024 Egypt-EU Investment Conference and the economic event held alongside the Egypt-EU Summit in October 2025. He also reviewed Egypt's structural economic reforms aimed at enhancing competitiveness and improving the investment climate, hoping to encourage greater European business activity and investment. Von der Leyen expressed satisfaction with the pace of cooperation, commending Egypt's economic reforms and its efforts in combating terrorism and irregular migration. She reaffirmed the EU鈥檚 commitment to working with Egypt to address shared challenges and promote peace and cooperation across the Mediterranean. Discussions also covered regional issues, with President Sisi emphasizing the need for sustainable political solutions that preserve state sovereignty and safeguard peoples' interests, and stressing Egypt鈥檚 commitment to working with the EU to implement the agreement aimed at ending