In a bid to address migration challenges and bolster energy cooperation, the European Union revealed plans on Sunday to provide Egypt with a substantial 7.4 billion euro ($8 billion) package comprising loans, grants, and energy initiatives.
The funding aims to support Egypt’s economy, which has been strained by various economic shocks, by offering loans over the forthcoming years and enhancing energy imports. This move aligns with Europe’s strategy to reduce dependency on Russian gas amidst the ongoing conflict in Ukraine, according to a senior European Commission official.
EU President Ursula von der Leyen, alongside leaders from Austria, Belgium, Cyprus, Greece, and Italy, is scheduled to finalize the agreements with Egyptian President Abdel Fattah al-Sisi later today.
Egypt’s strategic location amidst turbulent neighboring regions underscores its significance for Europe, noted the commission official, highlighting the country’s border proximity to Libya, Sudan, and the Gaza Strip.
The agreement encompasses measures aimed at bolstering security, counter-terrorism efforts, and border protection, particularly along the southern border with Sudan. This move follows similar arrangements the EU has struck with other countries in the region to manage irregular migration flows across the Mediterranean.
Despite criticisms from groups like Human Rights Watch citing concerns over human rights violations and the reinforcement of authoritarian regimes, the EU remains committed to its approach of providing financial aid in exchange for migration control.
Egypt’s economy, grappling with significant external debt and economic shocks, stands to benefit from the injection of funds, including investments in bilateral projects and initiatives focusing on migration management.
As Egypt navigates through economic challenges exacerbated by factors like the COVID-19 pandemic and geopolitical tensions, the support from the EU is poised to provide much-needed relief and stability to the Arab world’s most populous nation.
