In an effort to boost Egypt’s flagging economy, EU leaders have reached a financial pact worth €7.4 billion (£6.3 billion). This endeavor aims to maintain regional stability and avert another European migrant catastrophe.
The EU-Egypt strategic partnership spans three years and encompasses several components: €5bn in soft loans to support economic reforms, €1.8bn to encourage private sector investments, and €600m in grants, including €200m earmarked for migration management.
This agreement follows recent criticisms leveled at Brussels for similar arrangements, such as the one with Tunisia last year, which some European parliament members denounced as support for authoritarian regimes.
The end of the EU’s recent diplomatic efforts with Egypt was showcased in Cairo during high-level negotiations with six EU leaders, including Italian Prime Minister Giorgia Meloni.
Egypt has a crucial role in maintaining regional security and is strategically significant in a dangerous area, as stressed by European Commission President Ursula von der Leyen, who headed the delegation.
During the visit, von der Leyen reiterated calls for the withdrawal of troops from Gaza, the freeing of prisoners, and quick humanitarian help. She underlined how critical it is to solve Gaza’s terrible humanitarian situation, particularly the impending threat of hunger.
Leaders from Greece, Austria, Cyprus, and Belgium met with Egyptian President Abdel Fatah al-Sisi, highlighting their common strategic interest in stability and development.
This three-year partnership represents the EU’s latest effort to address the Mediterranean refugee crisis, aiming for a comprehensive approach beyond previous initiatives like the €150 million deal with Tunisia.
Meloni commended Egypt’s efforts, along with those of the US and Qatar, in seeking to end the conflict in Gaza and stressed the importance of addressing migration issues domestically and abroad.
Belgian Prime Minister Alexander De Croo used the opportunity to condemn the situation in Gaza, urging Israel to comply with international rulings regarding humanitarian aid access.
European concerns about instability in Egypt stem from economic challenges and the risk of increased migration, particularly from refugees in Egypt, including millions from Sudan and Syria.
Human Rights Watch criticized the deal, arguing that it would only bolster Egypt’s autocratic leadership, citing ongoing human rights abuses under Sisi’s rule.
Despite criticisms, the EU defended its approach, emphasizing commitments to promote democracy, human rights, and gender equality outlined in the joint declaration.
