The European Union signs a “strategic partnership” with Egypt for 7.4 billion euros

On Sunday March 17, the European Union signed a “strategic partnership” for 7.4 billion euros with Egypt, which is currently going through the worst economic crisis in its history. This agreement was signed at the end of the day in Cairo between the Egyptian President, Abdel Fattah al-Sissi, and the President of the European Commission, Ursula von der Leyen, alongside five European heads of state and governments.

With this agreement, “we elevate the relationship between the European Union and Egypt to the status of a comprehensive strategic partnership”welcomed Ursula von der Leyen, ranging from trade to carbon-free energy and migration management. This influx of funds, which will last until the end of 2027, is in addition to the latest financial boosts received by Cairo: $35 billion injected by the United Arab Emirates, and an additional $5 billion in loans additional funds from the International Monetary Fund (IMF).

Cairo devotes a good part of its resources to repaying its external debt, which has tripled in a decade to reach nearly 165 billion dollars. For the NGO Refugees Platform in Egypt, with this agreement, the EU wants “subcontract to North African countries, in particular Egypt (…) the restriction of the freedom of movement of migrants”. “The pattern is the same as that of the EU’s shaky agreements with Tunisia and Mauritania: stop migrants, ignore abuses”warns the NGO Human Rights Watch.