Meloni and von der Leyen from al-Sisi for the migrant memorandum, the EU promises 7.4 billion

The promise of another 7.4 billion

The European Union will therefore sign a partnership agreement from 7.4 billion euros with Egypt, hit by its worst economic crisis, which mainly involves staggered loans until 2027, but also aid and investments. The agreement provides «five billion euros in loans, of which one billion paid by the end of 2024, 1.8 billion in investments, 400 million in aid for bilateral projects and 200 million in aid for programs that address migratory issues» , explained a senior European Commission official.

The release of the loan by the International Monetary Fund

The new resources between loans and grants follow the release of the loan by the International Monetary Fund (unlike Tunisia) necessary to avoid collapsing the economy of the North African country, which is increasingly central given the developments between Ukraine and the Middle East. A choice that, however, suffers from protests in the European Parliament by socialists, greens, liberals and even part of the EPP, according to whom Brussels cannot provide funds to a country where democracy and human rights are not guaranteed.

Schlein: very serious von der Leyen flights to Egypt with Meloni

The secretary of the Democratic Party Elly Schlein attacks and underlines that she finds it “very serious” the fact that “the president of the European Commission Ursula von der Leyen flies to Egypt together with Giorgia Meloni to promise resources to the Al-Sisi regime in exchange for control and the stop at departures. This approach in recent years has only trampled on fundamental rights and has not produced a solution of European solidarity for which we will continue to fight” concluded Schlein.

Relations between the EU and Egypt and the Association Agreement in force since 2004

Relations between the EU and Egypt are regulated bilaterally by theAssociation Agreement, signed on 25 June 2001 and in force since 1 June 2004. Egypt is one of only two countries in the Southern Neighborhood – together with Jordan – with which Partnership Priorities have been approved for the financial period 2021-2027. From Sunday, EU-Egypt relations will therefore be elevated to the level of “global and strategic partnership”, starting from the joint declaration that will be signed on that occasion. The objective is to accompany Egypt’s economic and social reforms and help mitigate the impact of the current crises taking place in Africa and the Middle East.

Energy prospects

Moreover, Egypt – as noted by Palazzo Chigi – represents a fundamental partner for the management of regional crises (not only the Israeli-Palestinian conflict but also Libya) and the geopolitical stabilization of the Mediterranean area.