Egypt and the European Union signed on Sunday a memo of understanding to improve efficiency in water and agricultural sectors.

The memo aims at offering European union's technical and financial assistance to improve water resources management mechanism in Egypt.

Egyptian Water Resources Minister Hossam Moghazi, who inked the memo with EU Ambassador here James Moran, underlined the importance of the memo in increasing investments directed to Egyptian water sector in a way that will improve water mechanism in Egypt.

The memo aims at encouraging donor countries to update their investment projects in the Egyptian water sector, he added.

Donor countries as stipulated in the memo are the African Bank for Development, the European Bank for Investment, the French, Italian, German, Japanese and Swiss development Agencies, the World Bank, the EU and the UN Development Program.