HomeWorldAfricaEU pledges €7.4 bn for egypt to support migration challenges

EU pledges €7.4 bn for egypt to support migration challenges

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Cairo, 18 March 2024 (TDI): The EU is to provide billions of euros to Egypt to cope up with the migration challenges. The announcement was made on Sunday when the EU (European Union) countries decided to provide 7.4 billion euros to Egypt.

The promise has been made during a high-level visit by EU leaders to Egypt. The leaders included Prime Ministers of Italy, Cyprus, Austria, Belgium, and the EU(European Union) Commission President, Ursula von der Leyen. Such deals were “the best way to address migratory flows”, said Italian Prime Minister Giorgia Meloni.

The proposed funding includes 5 billion euros in concessional loans and 1.8 billion euros in investments, according to a summary published by the EU(European Union). Another 600 million euros would be provided in grants, including 200 million euros for managing migration.

Inflation is running close to record highs and many Egyptians say they struggle to get by. Over the past month, however, financial pressure has eased as Egypt struck a record deal for Emirati investment, expanded its program with the IMF, and sharply devalued its currency.

Also Read: Egypt’s engagements at G20 Foreign Ministers summit

The agreement lifts the EU relationship with Egypt to a “strategic partnership”. The agreement aims to foster deeper collaboration across a wide range of areas, including renewable energy, trade, security and stemming migration crises.

“We believe that by working together to improve the economic situation in Egypt and address the root causes of migration, we can create a win-win situation,” stated European Commission President Ursula von der Leyen.”

“This strategic partnership will not only benefit the EU(European Union) and Egypt, but also contribute to greater stability and prosperity in the entire region,” she added.

Egypt is a home to 106 million people. The EU (European Union) countries have been worried about the increasing number of migrants as the country has been struggling to raise the foreign currency reserves and the economy has been staggering.

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