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.
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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.