EU Commission sends €1 billion to Egypt as part of migration deal

The European Commission announced the issue of €1 billion ($1.040 billion) in loans for Egypt on Friday as part of a deal to curb migration struck in June.

The EU loan is to be invested by Egypt in sectors including clean energy, manufacturing and food security, according to the commission.

The financial aid as part of a strategic partnership will help stabilize Egypt’s economy and support “its home-grown reform agenda,” the EU executive arm said in a statement.

European Commission President Ursula von der Leyen said on X that the loans will bring “a stronger business environment, more private investment and more good jobs for the Egyptian people.”

Egypt, which hosts an estimated 9 million refugees and migrants, has been impacted by the months-long Israel-Hamas war in the neighbouring Gaza Strip.

The country of around 105 million people has been in economic crisis, including a foreign currency crunch and soaring inflation.

The European Commission announced the issue of €1 billion ($1.040 billion) in loans for Egypt on Friday as part of a deal to curb migration struck in June.

The EU loan is to be invested by Egypt in sectors including clean energy, manufacturing and food security, according to the commission.

The financial aid as part of a strategic partnership will help stabilize Egypt’s economy and support “its home-grown reform agenda,” the EU executive arm said in a statement.

European Commission President Ursula von der Leyen said on X that the loans will bring “a stronger business environment, more private investment and more good jobs for the Egyptian people.”

Egypt, which hosts an estimated 9 million refugees and migrants, has been impacted by the months-long Israel-Hamas war in the neighbouring Gaza Strip.

The country of around 105 million people has been in economic crisis, including a foreign currency crunch and soaring inflation.