EU, Egypt Seals €7.4 Billion Deal to Boost Economy, Energy, and Migration Control

The European Union and Egypt have sealed a 7.4 billion euros deal to expand energy trade with Europe, and curb irregular migration. The deal, known as the Joint Declaration, also aims to promote democracy, fundamental freedoms, human rights, and gender equality.

The agreement signing between the European Commission President, Ursula von der Leyen and Egyptian President, Abdel Fattah al-Sisi, took place in Cairo on Sunday at the instance of leaders from Austria, Belgium, Cyprus, Greece, and Italy.

According to Ursula, the 7.4 billion euro package includes five billion euros in loans over four years, 1.8 billion euros in investment and hundreds of millions for bilateral projects including migration management.

The senior European Commission official while highlighting the importance of the deal and acknowledging Egypt as a reliable partner, noted that the deal is an elevation of the EU-Egypt relationship to a Strategic and Comprehensive Partnership.

In his remark, Egypt’s president, AbdulFattah El sisi reiterated Egypt’s unwavering commitment to combating migration challenges through persistent collaborative efforts, which include tackling the root-causes through development-focused solutions and improving regular migration routes.

Italy’s Prime Minister, Giorgia Meloni, whose country played a significant role in facilitating the deal, lauded it as “historic”, adding that it is the best way to tackle irregular migration flows.

However, the deal has faced criticism from human rights groups citing concerns over Egypt’s human rights record and the perceived prioritization of migration control over human rights.