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EU, Egypt forge a ‘strategic partnership’, unveil $8B aid package for Cairo

The EU pledged $8 billion in aid to Egypt to ease economic strains and stem the flow of irregular migrants across the Mediterranean Sea.

AFP

"The deal aims to achieve "a significant leap in cooperation and coordination between the two sides and to achieve common interests,” the Egyptian presidency said in a statement. / Photo: AFP

An Egyptian-European summit is set to be held in Cairo to advance relations between Egypt and the EU to the level of a “strategic partnership,” the Egyptian presidency has said.

Egyptian President Abdel Fattah el Sisi will meet with European Union Commission President Ursula von der Leyen, Belgian Prime Minister Alexander De Croo, whose country is the current head of the EU, and heads of governments of Italy, Greece, Austria and Greek Administration of Southern Cyprus.

The presidency said in a statement on Sunday that Sisi will hold bilateral talks with European leaders to explore ways to boost bilateral relations.

According to the statement, the Egypt-EU summit will witness the enhancement of relations between the two sides to a “strategic and comprehensive partnership.”

It said that the deal aims to achieve "a significant leap in cooperation and coordination between the two sides and to achieve common interests.”

Discussions will also take up regional developments, particularly the situation in Gaza, which has been under a deadly Israeli offensive that has killed more than 31,600 people since last October following a Hamas attack.

Israel's invasion of Rafah will have 'catastrophic repercussions': Egypt

$8 billion package of EU aid for Egypt

Sunday’s summit comes amid reports that the EU will provide Egypt with a funding package of 7.4 billion euros ($8.06 billion) from 2024 to 2027 to stabilise its economy.

The aid package for Egypt is announced as concerns mount that economic pressure and conflicts in neighbouring countries could drive more irregular migrants to European shores.

The EU will provide assistance to Egypt’s government to fortify its borders, especially with Libya, a major transit point for migrants fleeing poverty and conflicts in Africa and the Middle East, and will support the government in hosting Sudanese who have fled nearly a year of fighting between rival generals in their country.