Financial Times: EU to allocate 7.4 billion euros to Egypt to limit immigration

The Financial Times reported that the European Union is ready to allocate $7.4 billion to Egypt by the end of 2027. European politicians are worried that the conflict in Gaza will put Egypt's economy in a difficult situation, and the conflicts in Sudan will cause a flow of refugees from the North African country across the Mediterranean to the EU countries.

The European Union is preparing a 7.4 billion euro aid package aimed at supporting the North African country's economy amid concerns that the conflicts in Gaza and Sudan could worsen Egypt's finances and increase migration pressure to Europe. This was reported by some sources of the Financial Times newspaper.

European Commission President Ursula von der Leyen will reportedly travel to Cairo on Sunday with the prime ministers of Greece, Italy and Belgium to prepare for and announce the deal. A European official involved in the preparations said the agreement was "important and of strategic importance".

The agreement will focus on supporting the Egyptian energy sector, strengthening the border with Libya, and others. As the publication notes, as a result of the conflict in Sudan, concerns have increased that refugees will move to Egypt, and from there to Libya, and then to Europe through the Mediterranean Sea.

We remind you that earlier we wrote about the fact that the Egyptian pound has depreciated by 60% due to the war in Gaza and the situation in the Red Sea, and the country's economy is losing billions of dollars in revenue.