Egypt: EU to Provide Egypt €7.4 Billion Funding Package

The money, paid out over three years, is partly to help Egypt"move further away from Russian gas" and fund efforts to curb migration.The funding is intended to assist Egypt in stabilizing its economy while reducing its dependence on Russian gas. It includes a grant to help address the flow of migrants from the region into Europe.

"With Egypt's political and economic weight and its strategic location in a very troubled neighborhood, the importance of our relations will only increase over time," von der Leyen wrote on X, formerly Twitter." Egypt's economy, which is focused on expensive infrastructure mega-projects, has been hit hard by recent economic shocks.. Fighting there has meant important income earners for Egypt, like tourism and shipping through the Suez Canal, have been throttled.directly into the Egyptian economy, mostly via a construction project at Ras al-Hikma, a Mediterranean peninsula near the city of Alexandria.

A senior European Commission official said the deal includes steps on"security, counter-terrorism cooperation, and protection of borders, in particular the southern one" with Sudan.Prime Minister Kyriakos Mitsotakis, whose countries are front-line countries that receive the vast majority of migrants to Europe, joned Von Der Leyen on her Cairo trip.

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