The European Union (EU) signed this Sunday a partnership agreement for 7.4 billion euros with Egypt, plunged into its worst economic crisis, mainly loans spread out until 2027, but also aid and investments, said a European official.
Breath of oxygen for an Egypt in crisis
The agreement includes “5 billion euros in loans including one billion paid before the end of 2024, 1.8 billion in investments, 400 million in aid for bilateral projects and 200 million in aid for programs addressing the issues migration,” detailed this senior European Commission official on condition of anonymity.
This agreement was signed in Cairo between the Egyptian President, Abdel Fattah al-Sissi, and the President of the European Commission, Ursula von der Leyen, alongside five European heads of state and governments.
This influx of funds is a breath of fresh air for Egypt, which is currently going through the worst economic crisis in its history.
Cooperation in several areas
The EU wants to “cooperate in the areas of energy, more particularly in the field of liquefied natural gas, to move further away from Russian gas,” said the European official.
The Union also wants to work with Egypt on “security, counter-terrorism and border protection, particularly the southern border”, given that “Egypt is under even more pressure from Sudan” at war for almost a year.
The migration aspect of the agreement is of the same type as that signed in July with Tunisia: the Europeans expect the countries of origin or transit of migrants to stop departures and to readmit their nationals in an irregular situation in the EU.
“We are raising the relationship between the European Union and Egypt to the status of a global strategic partnership,” welcomed Urusla von der Leyen, “ranging from trade to low-carbon energy to migration management.”
This article is originally published on dna.fr
