EU announces €7.4b cash support to Egypt for 2024-2027 period
The European Union (EU) has announced plans to provide Egypt with €7.4 billion ($8.06 billion) in financing from 2024 to 2027. The agreement will be unveiled in Cairo on Sunday, as disclosed by a senior EU Commission official.
The financing package comprises €5 billion earmarked for macro-financial assistance, €1.8 billion for investments, and €600 million in grants, according to the official.
Of the macro-financial assistance, €1 billion will be allocated as emergency finance in 2024, underlining the EU’s commitment to supporting Egypt during challenging times.
To mark this significant milestone in EU-Egypt relations, an Egyptian-European summit is scheduled to take place in Cairo on Sunday. The summit aims to elevate bilateral relations between the two sides to the level of a strategic and comprehensive partnership.
During the summit, President Abdel Fattah El Sisi will engage in crucial discussions with EU Commission President Ursula von der Leyen, who is leading the current EU session, as well as Belgian Prime Minister Alexander De Croo.
President Sisi will hold bilateral meetings with other European officials to further strengthen bilateral ties.
The agenda of the summit encompasses various domains, including political relations, counterterrorism efforts, economic cooperation, and key areas such as energy, immigration, industry, education, and technology.
Regional developments will also feature prominently, with discussions focused on the ongoing conflict in Gaza and strategies to restore regional security and stability.
