Helena Lyng Blak
10 weeks ago

EU and Egypt enter “strategic and comprehensive partnership”

The aid deal is worth €7.4 billion.
realistic national colorful flag of european union and national flag of egypt
esfera / Shutterstock.com

In a joint declaration on March 17, the Arab Republic of Egypt and the European Union (EU) announced that the two parties had agreed to “elevate” their relationship to a “strategic and comprehensive partnership”.

The partnership will focus on several key areas, including political relations, macroeconomic stability, sustainable investment and trade (encompassing energy, water, food security, and climate change), migration, security, and human capital development.

A primary goal of the partnership is to slow migration to Europe from the region, as economic pressures in Egypt and escalating conflicts in neighboring countries lead to increased migration levels, according to Danmarks Radio.

The Guardian reports that the deal includes €7.4 billion in aid, loans, and investments. This includes €5 billion in soft loans to support economic reforms, €1.8 billion to bolster private investments, and €600 million in grants. Of the grant money, €200 million will be specifically allocated for migration management.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

4 hours ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
4 hours ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
6 hours ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.
7 hours ago US Market Open - May 27, 2024: Wall Street Wavers but Nasdaq Soars Daily update from the US market open.
9 hours ago Crypto, Currently: May 27, 2024 - Ethereum Leads Weekly Surge, Bitcoin Holds Steady Daily update on Ethereum, Bitcoin, and more!
1 day ago Debunking the headline: US GDP grows by a third ahead of EU in 15 years Europeans need not worry as much as these articles would suggest.
1 day ago Empowering Women Could Boost Economic Growth, Says IMF Economists Discover how gender equality initiatives could transform economies in Japan and Korea.