Egypt’s President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen have signed a joint declaration on strategic and comprehensive partnership between Egypt and the European Union.
Sisi and von der Leyen signed the declaration on the sidelines of Egypt-EU Summit held in Cairo today in the presence of leaders of Belgium, Italy, Cyprus, Greece, and Austria.
Egypt and the EU have both agreed on elevating their relationship to the level of a strategic and comprehensive partnership based on equity and mutual respect and trust.
The agreement comes while the EU acknowledges Egypt as a reliable partner, highlighting its role as a pillar of security, moderation, and peace in the Mediterranean, the Near East and Africa, said a statement by the European Commission.
The strategic partnership document identifies specific areas of cooperation, including political relations, macroeconomic stability, sustainable investment and trade, migration, security and human capital development.
During the summit, von der Leyen highlighted a financial and investment package of 7.4 billion euros ($8.06 billion) to Egypt over the next fourt years.
According to a summary published by the EU, the funding includes 5 billion euros in concessional loans as well as 1.8 billion euros of investments.
The funding also includes 600 million euros in grants, including 200 million euros that will be provided to Egypt for the management of migration.
“This is a historic moment,” said von der Leyen. “Today we elevate the relationship between the EU and Egypt to strategic and comprehensive partnership.”
Tue, Mar. 19, 2024
