Brussels, 17 March 2024 (dpa/МIA) – The European Union is to provide Egypt with financial assistance in the form of loans and subsidies to the amount of €7.4 billion ($8.1 billion) up to the end of 2027, the EU Commission announced in Brussels on Sunday.

The new strategic partnership was announced as European Commission President Ursula von der Leyen and other top EU officials were to meet Egyptian President Abdel-Fattah al-Sissi in Cairo. The partnership is to include further collaboration on stemming irregular migration, as well as economic and political cooperation.

Of the €7.4 billion, €5 billion will be in the form of loans and €1.8 billion in investment in food security and digitalization. The remaining €600 million will be in the form of subsidies, with €200 of it for managing migration.

Apart from von der Leyen, the EU delegation includes Italian Prime Minister Giorgia Meloni and Belgian Prime Minister Alexander De Croo.