The European Union has announced a 7.4 billion-euro or $8 billion aid package for cash-strapped Egypt as concerns mount that economic pressure and conflicts in neighboring countries could drive more migrants to European shores
In this photo provided by Egypt's presidency media office, Egyptian President Abdel-Fattah el-Sissi, right, meets Italian Prime Minister Giorgia Meloni at the Presidential Palace in Cairo, Egypt, Sunday, March 17, 2024. The European Union on Sunday announced a 7.4 billion-euro aid package for cash-strapped Egypt as concerns mount that economic pressure and conflicts in neighboring countries could drive more migrants to European shores.
The aid package includes both grants and loans over the next three years for the Arab world’s most populous country, according to the EU's mission in Cairo. Most of the funds — 5 billion euros — are macro-financial assistance, according to a document from the EU mission in Egypt. The deal, known as the Joint Declaration, aims among other things to promote “democracy, fundamental freedoms, human rights, and gender equality,” according to the European Commission. Both sides will also deepen their cooperation to address challenges related to migration and terrorism.
For decades, Egypt has been a refuge for migrants from sub-Saharan Africa trying to escape war or poverty. Egypt is a destination and a haven for some, because it's the closest and easiest country for them to reach. For others, it's a point of transit before attempting the dangerous Mediterranean crossing to Europe.
Egypt reached a deal with the International Monetary Fund earlier this month to increase a bailout loan to $8 billion, up from $3 billion, after marathon negotiations. The deal with the IMF was combined with economic reforms that included the flotation of the Egyptian pound and a sharp raising of the main interest rate.and Mauritania that pledged funds in return for fortifying their borders.
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