European Leaders Forge Strategic Partnership with Egypt, Announce €7.4 Billion Funding Package
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At a summit on Sunday, European leaders gathered in Cairo to officially upgrade the relationship between Egypt and the EU to a "strategic partnership" and to unveil a historic funding package worth €7.4 billion. The main objective of the accord is to reduce illegal migration across the Mediterranean.
This program expands on previous accords with Libya and Tunisia, where financial assistance is linked to measures to manage migration.
President of the European Commission Ursula von der Leyen led the EU delegation and praised the historic day. "We are pleased to announce the signing of our Joint Declaration for a Comprehensive and Strategic Partnership with Egypt," the speaker said.
The cooperation is organized around six major pillars: trade and investment, migration and mobility, economic stability, security and law, and regional issues.
The strategic alliance denotes a stronger dedication to cooperation and shared gains, especially in the areas of commerce, security, and renewable energy. The objective is to address migration issues in a comprehensive manner while promoting economic stability and security in the area.
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