Egypt and the European Union (EU) have signed an $8 billion economic deal covering six key areas including political relations, economic stability, trade and investment, migration management, security and skills development.
The deal was signed in Cairo on March 17 by Egyptian President Abdel Fattah Al-Sissi, European Commission President Ursula von der Leyen and leaders of Belgium, Italy, Austria, Cyprus and Greece.
The partnership entails an $8 billion package earmarked for Egypt, encompassing both grants and loans to be distributed over the course of the next three years. A substantial portion of this funding, amounting to $5.4 billion, is allocated specifically as macro-financial assistance.
The European Commission emphasized in a statement the significance of EU-Egypt energy collaboration, particularly in renewable energy, energy efficiency, gas supply security and low-carbon technologies like the GREGY Interconnector. This Greek-Egyptian grid interconnection project, whose cable is planned to cover a 950-km distance, aims to transmit green energy to Europe.
