EU pledges $8B funding package, upgraded relationship with Egypt: President al-Sisi

The EU has pledged a €7.4 billion ($8 billion) funding package and an upgraded relationship with Egypt, the country's president said on Sunday.

"Charting a course of deeper relations between Egypt and the European Union has been coupled with a financial package of approximately 7.4 billion euros to bolster the Egyptian economy," Egyptian President Abdel Fattah al-Sisi said at a joint news conference with European leaders.

"This envisages three main components, namely concessional financing, investment guarantees and technical support for the implementation of bilateral cooperation projects," al-Sisi added.

The announcement came following a meeting in Cairo between al-Sisi and European Commission President Ursula von der Leyen, leaders of Italy, Greece, Belgium, Austria, and the Greek Cypriot administration.

Al-Sisi said that they spoke about the need to further cooperate on common challenges, primarily illegal migration.

"We confirmed our unwavering commitment to combating this phenomenon through our persistent collaborative efforts. This shall encompass tackling the root-causes through development-focused solutions and improving regular migration routes," he added.
Regarding the ongoing Israeli war on the Gaza Strip since Oct. 7, the Egyptian president said that during talks he emphasized the "inevitability of a ceasefire with utmost urgency and an end to Israel's hostilities."
"We agreed with the European leaders on the categorical rejection of an Israeli military operation in the City of Rafah, which will only exacerbate the already exacerbated humanitarian crisis in the sector," al-Sisi added.
Egypt has been under economic pressure due to the ongoing Israeli war on the Gaza Strip, which impacted the country's revenues from tourism and shipping through the Suez Canal.
Israel has waged a deadly military offensive on Gaza since a Hamas attack on Oct. 7, 2023, which killed nearly 1,200 people.
More than 31,600 Palestinians, mostly women and children, have since been killed in the enclave, and nearly 73,700 others injured amid mass destruction and shortages of necessities.
The Israeli war has pushed 85% of Gaza's population into internal displacement amid a crippling blockade of most food, clean water, and medicine, while 60% of the enclave's infrastructure has been damaged or destroyed, according to the UN.
Israel stands accused of genocide at the International Court of Justice. An interim ruling in January ordered Tel Aviv to stop genocidal acts and take measures to guarantee that humanitarian assistance is provided to civilians in Gaza.