The European Union and Egypt recently signed a significant 7.4-billion-euro financial package aimed at supporting Egypt, enhancing energy sales to Europe, and addressing irregular migrant flows. The agreement, signed in Cairo, signifies a strategic partnership that includes substantial credit over the coming years and a focus on boosting energy supplies to help Europe reduce its reliance on Russian gas.
European Commission President Ursula von der Leyen, along with leaders from Austria, Belgium, Cyprus, Greece, and Italy, joined Egyptian President Abdel Fattah al-Sisi for the signing ceremony. This comprehensive partnership encompasses various aspects ranging from trade, investment, and low-carbon energy to managing migration, education, culture, and youth.
The deal involves significant financial support, including five billion euros in loans over four years, 1.8 billion euros in investments, and funding for bilateral projects, particularly in the realm of migration. Egypt, currently hosting around nine million refugees, including a substantial number of Sudanese and Syrians, is grappling with a severe economic crisis exacerbated by its geopolitical challenges and conflicts in neighboring regions.
The agreement underscores the EU’s commitment to cooperating with Egypt on security, counter-terrorism, and border protection, especially concerning the southern border with Sudan. While the Gaza Strip is not the primary focus, it remains a part of the broader discussions in Cairo.