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- The three-year EU-Egypt strategic partnership aims to facilitate economic reforms and avert a migration crisis within the region.
- The triennial agreement represents the latest endeavour by the bloc to prevent refugees from traversing the Mediterranean.
EU-Egypt strategic partnership
EU leaders have finalised a deal worth $7.4 billion with Egypt to bolster the nation’s struggling economy. This move seeks to foster stability within the “troubled” region and prevent a new European migration crisis.
The three-year EU-Egypt strategic partnership includes $5 billion in soft loans to facilitate economic reforms, $1.8 billion to encourage private sector investments, and $600 million in grants. Of these grants, $200 million is allocated for migration management.
Following months of intense and productive diplomatic engagement between the EU and Egypt, six EU leaders journeyed to Cairo on Sunday, as stated by Italian Prime Minister Giorgia Meloni.”
The visit occurred just days following allegations by members of the European …
- Egypt’s President El-Sisi was reelected to a third, six-year term in last week’s presidential elections.
- Under President El-Sisi, Egypt’s foreign-currency debts have surged to around $163 billion, one of the highest levels in emerging markets.
- El-Sisis must immediately look to balance the concerns of a citizenry paying ever more for food, power, and transport following the currency devaluation since the beginning of 2022.
Egypt’s president, Abdel-Fattah El-Sisi, has been re-elected by a landslide, extending his leadership over the North African nation to 2030. Egypt is struggling with the worst economic plight in decades amid the prospects of another currency devaluation.
El-Sisi secured 89.6 per cent of the votes in the 10 to 12 December election, as announced by the National Elections Authority on 18 December. A record 66.8 per cent of Egypt’s 67.3 million registered voters participated in the election.
El-Sisi’s win in Egypt’s presidential election was no surprise, …
