EU Prepares EUR 7.4 Billion Aid Package for Egypt Ahead of Visit
The funds are largely aimed at curbing irregular migration to Europe through Egypt.
The European Union is readying a EUR 7.4 billion aid package for Egypt, ahead of a visit by the European Commission this Sunday March 17th. This proposed deal, which will be finalised by EU representatives during their time in Cairo, is the latest in a series of EU agreements aimed at shoring up North African economies, and halting irregular migration to Europe from Africa.
The multi-billion Euro deal includes support for Egypt’s energy sector, and specific assistance designed to deal with the rising number of Sudanese refugees in the country. The border between Egypt and Libya will also be fortified, aiming to halt immigration across the Mediterranean. Some EUR 1 billion of emergency financial assistance could be disbursed immediately, with a further EUR 4 billion of macro-financial assistance tied to reforms under an expanded IMF programme.
Egypt’s financial troubles have been exacerbated by the war on Gaza, as well as the crisis in Sudan, with migration from Egypt’s southern neighbour increasing significantly in the last year. An estimated 480,000 refugees and asylum seekers have fled northwards to Egypt since April 2023.
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