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EU pledges €7.4 billion in aid to Egypt as it seeks to curb migration

The European Union announced a €7.4 billion funding package and an upgraded relationship with Egypt on Sunday, part of a push to stem migrant flows to Europe criticised by rights groups.

The agreement lifts the EU’s relationship with Egypt to a “strategic partnership” and was unveiled as a delegation of leaders visited Cairo. It is designed to boost cooperation in areas including renewable energy, trade and security, while delivering grants, loans and other funding over the next three years to support Egypt’s faltering economy.

The proposed funding includes €5 billion in concessional loans and €1.8 billion euros of investments, according to a summary published by the EU. Another €600 million would be provided in grants, including 200 million euros for managing migration.

Such deals were “the best way to address migratory flows”, said Italian Prime Minister Giorgia Meloni, who travelled to Cairo alongside EU Commission President Ursula von der Leyen, the Greek, Austrian and Belgian prime ministers, and the Cypriot president.

Egypt says it has lined up a total of $20 billion in multilateral support after increasing its loan and economic reform programme with the IMF.

(Reuters)


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