The sources stated that the planned investments will be aimed at supporting Egypt with management, anti-smuggling measures, and voluntary returns as Europe looks to curb possible illegal migration to its shores caused by the war on Gaza
The European Union is preparing to inject around €9 billion ($9.8 billion) worth of investments into Egypt to support local sectors including digital, energy, agriculture and transport, according to sources speaking to Bloomberg, which will be announced in an investment forum to be held next spring.
The EU is also considering exploring options with member states to help Egypt address its heavy debt burden, the news company explained.
The sources stated that the planned investments will be aimed at supporting Egypt with management, anti-smuggling measures, and voluntary returns as Europe looks to curb possible illegal migration to its shores caused by the war on Gaza.
“The EU was already exploring a partnership but now wants to accelerate the push given Cairo’s strategic significance and concerns about increasing refugee flows, including from African nations like Sudan,” Bloomberg wrote.
EU Commission President Ursula von der Leyen will be in Cairo over the weekend, and is set to sit down with President El-Sisi “to advance efforts to support Egypt’s economic development and cushion the impact of the ongoing crisis.”
According to an official statement on their website, von der Leyen will then travel to Al-Arish airport to welcome the latest delivery of EU aid supplies prior to handing them over to Egyptian Red Crescent Society.
The statement added that she will deliver a statement before flying off to Jordan to meet King Abdullah II bin Al-Hussein.
