The European Union announced a 7.4 billion euros ($8.1 billion) funding package and an upgraded relationship with Egypt on Sunday, part of a push to stem migrant flows to Europe criticised by rights groups.
The agreement lifts the EU’s relationship with Egypt to a “strategic partnership” and was unveiled as a delegation of leaders visited Cairo. It is designed to boost cooperation in areas including renewable energy, trade and security, while delivering grants, loans and other funding over the next three years to support Egypt’s faltering economy.
According to Reuters, the proposed funding includes 5 billion euros in concessional loans and 1.8 billion euros of investments, according to a summary published by the EU. Another 600 million euros would be provided in grants, including 200 million euros for managing migration.
