Egypt and the EU have signed a €1 billion financing deal at an investment forum in Cairo.

The European Union and the Arab Republic of Egypt signed an agreement on Saturday. The EU will invest up to €1 billion (US$1.1 billion) in Egypt as part of a strategic partnership.

The deal was signed at an EU-Egypt investment conference in Cairo by EU Trade Commissioner Valdis Dombrovskis and Egyptian Minister of International Cooperation Rania al-Mashat. This €1 billion financing agreement is the first part of a larger €7.4 billion package that European Commission President Ursula von der Leyen announced in March.