EU suspends funding for Somalia's world food program

EU announces €7.4 billion partnership with Egypt

The European Union announced on Sunday a financial partnership of 7.4 billion euros with Egypt. This partnership aims to support Egypt which is facing its worst economic crisis to date.

The agreement announced between the European Union and Egypt aims to establish a financial partnership of 7.4 billion euros over several years, with a particular focus on the energy and migration sectors. As Egypt's economic crisis reaches unprecedented levels, this injection of funds is seen as a relief for the country. Indeed, Egypt faces increasing migratory pressures, exacerbated by regional conflicts and chaos in neighboring countries.

Although Egypt is not traditionally seen as a major launching pad for irregular migration in the Mediterranean, it faces increasing challenges due to instabilities in the region. Recent clashes between Israel and Hamas have also amplified tensions, with the risk that the conflict could spread beyond Egypt's borders.

This financial agreement will extend until the end of 2027, providing a long-term perspective to support the Egyptian economy. It comes on top of a previous financial boost of $35 billion from the United Arab Emirates. The official signing of the agreement is planned during the visit of the President of the European Commission, Ursula von der Leyen, and European leaders to Egypt.