European Union Announces US$8 Billion Aid Package for Egypt

The European Union (EU) has announced a €7.4 billion (US$8.06 billion) funding package for Egypt, which includes €5 billion in concessional loans and €1.8 billion of investments. The EU aims to boost cooperation with Egypt in areas such as renewable energy, trade, and security. This agreement is part of the EU's efforts to prevent refugees from crossing the Mediterranean and comes less than a year after it signed a €150 million (£128 million) migration and economic pact. The EU leaders are scheduled to sign off on this deal during a visit by European Commission President Ursula von der Leyen and other European leaders. Most of the funds are classified as macro-financial assistance, according to the EU's mission in Cairo.