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The European Union has committed a €7.4 billion ($8.1 billion) aid and investment package for Egypt, announced by European Commission President Ursula von der Leyen during the signing of the Joint Declaration on The Strategic Comprehensive Partnership between Egypt and EU in Cairo.
The financial assistance spread over three years, consists of €600 million in grants, €5 billion in soft loans, and €1.8 billion in additional investments, primarily aimed at supporting Egypt’s economic and investment plan for the Southern Neighborhood.
The grants encompass various areas, including migration management, while the partnership between Egypt and the EU focuses on six key priorities such as political relations, economic stability, and trade.
Highlighting key projects within the economic and investment plan, the EU embassy in Cairo emphasized initiatives related to energy transformation, security, and the Water-Food-Energy Nexus to address Egypt’s climate challenges.
Among the projects, the EU will allocate €35 million for renewable energy and energy efficiency efforts and fund the development of the MEDUSA undersea fiber optic cable to improve communication across North African and European countries.
Furthermore, the package includes funding for food security enhancement, green transition support, and infrastructure improvement, including the expansion and modernization of sewage treatment plants in Greater Cairo and Fayoum Governorate.
Describing the partnership as a significant milestone, von der Leyen highlighted areas of cooperation such as political dialogue, economic stability, and investment and trade. The EU is committed to supporting Egypt’s development efforts and promoting democracy and human rights.
Additionally, von der Leyen expressed gratitude for Egypt’s efforts to facilitate humanitarian aid delivery to Gaza, with the EU providing €275 million in assistance to Palestinians. In a statement, the EU Embassy in Egypt reiterated the details of the package, emphasizing its significance in advancing mutual priorities and supporting Egypt’s development goals. |
