Egypt and the European Union signed a joint declaration on Sunday to elevate their relationship to a “strategic and comprehensive partnership.”
The declaration was signed in Cairo by Egyptian President Abdel-Fattah al-Sisi and European Commission President Ursula von der Leyen during a summit between the two sides in Cairo, according to Egypt’s state news agency MENA.
“The European Union acknowledges Egypt as a reliable partner, as well as Egypt's unique and vital geo-strategic role as a pillar of security, moderation, and peace in the region of the Mediterranean, the Near East and Africa,” the European Commission said in a statement.
The package
The partnership between Egypt and the EU covers six common fields: political relations, economic stability, trade and investment, migration management, security, and skills development.
The European Union announced a 7.4 billion-euro ($8 billion) package for Egypt. This 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 ($5.4 billion)— are macro-financial assistance, according to a document from the EU mission in Egypt.
Tourism revenues drop
Egypt has been under economic pressure due to the ongoing Israeli war on Gaza, which impacted the country’s revenues from tourism and shipping through the Suez Canal.
Israel has waged a deadly military offensive on Gaza since a Hamas attack on October 7, 2023, which killed nearly 1,200 people.
More than 31,600 Palestinians, mostly women and children, have since been killed in the enclave, and nearly 73,700 o thers injured amid mass destruction and shortages of necessities.
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