A high-level meeting in Cairo between Egyptian President Abdel Fattah el-Sissi and EU Commission Chief Ursula von der Leyen culminated in the signing of agreements worth billions of dollars, aimed at addressing Egypt’s economic crisis and enhancing energy exports to Europe.
The conference followed a $7.9 billion funding package agreed upon in March to support Egypt as it grapples with rising debt, inflation, and currency shortages. The package primarily consists of small and medium-term loans, requiring Egypt to increase its energy exports to Europe and take action on irregular migration.
The European Union has struck similar agreements with Tunisia, Mauritania, and Libya, drawing criticism from rights groups.
Egypt, with its substantial natural gas reserves, is seen by the EU as a crucial partner in its strategy to replace Russian energy supplies. President Sissi emphasized Egypt’s attractiveness for European investment, and European companies signed over 20 deals worth more than 40 billion euros at the conference.
