The European Union revealed a €7.4 billion funding package and an upgraded relationship with Egypt on Sunday, aiming to address migrant flows to Europe while drawing criticism from rights groups. The agreement elevates the EU’s ties with Egypt to a “strategic partnership” and was introduced during a delegation visit to Cairo.
The strategic partnership aims to enhance cooperation in various areas, including renewable energy, trade, and security, while providing grants, loans, and other funding over the next three years to support Egypt’s struggling economy. The proposed funding includes 5 billion euros in concessional loans, 1.8 billion euros in investments, and 600 million euros in grants, with a portion allocated for managing migration.
Italian Prime Minister Giorgia Meloni emphasized that such agreements are crucial for addressing migratory flows, underscoring the importance of partnerships in tackling complex challenges. The delegation, which included EU Commission President Ursula von der Leyen and several European leaders, convened in Cairo to bolster collaboration and advance shared goals.
Source: Reuters