The European Union (EU) announced a 7.4 billion-euro ($8 billion) aid package for cash-strapped Egypt on Sunday, raising concerns that economic hardship and war in neighboring countries would drive more refugees to European beaches.
The agreement was signed Sunday afternoon in Cairo in front of Egyptian President Abdel Fattah Al Sisi, European Commission President Ursula von der Leyen, and leaders from Belgium, Italy, Austria, Cyprus, and Greece.
Sisi met separately with von der Leyen and other European leaders before to the signing ceremony. According to the EU delegation in Cairo, the aid package for the Arab world’s most populous country will consist of grants and loans over the next three years. According to a document from the EU mission in Egypt, most of the funds—5 billion euros ($5.4 billion)—are for macro-financial assistance.
According to a statement from Sisi’s office, the agreement intends to make “a significant leap in cooperation and coordination between the two sides, as well as common interests.”
According to the European Commission, the Joint Declaration intends to promote “democracy, fundamental freedoms, human rights, and gender equality,” among other things. Both parties would also strengthen collaboration to address migration and terrorism issues.
