EU, Egypt ink joint political declaration document
Updated 3/18/2024 7:58:00 AM
Arab Finance: The Egyptian President Abdel El-Fattah El-Sisi and the President of the European Commission Ursula von der Leyen have signed the joint political declaration document, according to a statement.
The inked document aims to upgrade the relations between Egypt and the European Union (EU) to the level of “strategic and comprehensive partnership”.
Moreover, talks between the two sides resulted in the EU allocating a substantial funding package amounting to €7.4 billion for Egypt to alleviate the country's financial strain.
Egypt to receive the funding package, which includes €5 billion in macro-financial assistance, €1.8 billion in investments, and €600 million in grants, over the next three years.
However, the North African country is set to obtain €1 billion in emergency funding this year from the EU under the €7.4 billion funding package.
This move comes amid concerns that economic challenges and conflicts in neighboring regions could lead to increased migration towards Europe.
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