EU to provide Egypt €7.4 billion funding package

The European Union and Egypt signed a 7.4-billion-euro financial package to support the indebted North African country, boost energy sales to Europe and stem irregular migrant flows.

The European Union will provide Egypt with a funding package of €7.4 billion from 2024-2027, the EU Commission announced on Sunday.

The funding is intended to assist Egypt in stabilizing its economy. It includes a grant to help address the flow of migrants from the region into Europe.The deal includes macro-financial assistance, investments and grants over the next three years to support Egypt's faltering economy.