Economic reports indicate that the European Union is making concerted efforts to deepen its relationship with Egypt, aiming to assist the country in addressing the escalating consequences of the ongoing conflict in the Gaza Strip.
Western reports, citing informed sources, reveal that European Commission President Ursula von der Leyen is planning a visit to Cairo soon.
This visit is part of the EU’s initiative to bolster economic development in Egypt and mitigate the impacts of the current crisis.
The EU is eager to explore a partnership in this regard but is now looking to expedite the process due to Cairo’s strategic importance and concerns over increasing refugee flows, including from African countries like Sudan.
According to the report, key EU member states, such as Germany and France, support this direction, as mentioned by sources who requested anonymity.
The plan involves six priorities covering areas like the economy, investments, migration, and security. The EU also intends to explore options with member states to help Egypt address its significant debt burden.
Furthermore, the EU is set to propose an investment plan, aiming to inject 9 billion euros ($9.8 billion) into sectors such as digital initiatives, energy, agriculture, and transportation. This plan includes an investment forum scheduled for the next year.
The strategy also aims to curb illegal migration to Europe by aiding Egypt in border management, anti-smuggling operations, and voluntary return programs.
The Egyptian economy, currently experiencing its worst financial crisis in decades due to a severe foreign currency shortage, has seen the value of its currency drop three times since early 2022.
This devaluation has led to soaring inflation and the Egyptian pound losing nearly half of its value.
