Egypt will receive funds from the European Union totaling €7.4 billion ($8.06 billion) between 2024 and 2027, the EU Commission said on Sunday.
The money is meant to help Egypt lessen its reliance on Russian gas while also helping to stabilize its economy. A grant to assist in addressing the migration flow from the region into Europe is part of it.
To help Egypt’s struggling economy, the agreement calls for €1.8 billion in investments, €600 million in grants, and €5 billion in macrofinancial assistance over the following three years.
European Commission President Ursula von der Leyen headed a delegation of several European leaders meeting President Abdel Fattah el-Sissi in Cairo.
