The EU has offered cash-strapped Egypt 7.4 billion euros in a deal to curb illegal migration from the country and the region.
The package came amid concerns that economic pressure and conflicts and chaos in neighboring countries could drive more migrants to European shores.
The package, which includes grants and loans, also aims to stabilize Egypt’s wobbly economy. It includes €5 billion in concessional loans to support Egypt’s macro-economic reforms and €1.8 billion in additional investments.
The EU’s financial support is designed to strengthen Egypt’s border patrols with Libya, a major transit country for Europe-bound migrants.
It will also help Egypt with the accommodation of Sudanese migrants, fleeing infighting in their country.
Speaking at the signing ceremony in Cairo, European Commission President Ursuval von der Leyen said, Egypt could not be avoided “given your political and economic weight, as well as your strategic location in a very troubled neighbourhood, the importance of our relations will only increase over time.”
The deal would alleviate some of the woes of the Egyptian economy as it struggles with high inflation, heavy debt, persistent trade deficit, rising interest rates and a shortage of foreign currency.