The EU and Egypt have signed a 7.4 billion euro deal for support and cooperation. Bloomberg reports UNN.
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On Sunday in Cairo, the European Union and Egypt signed a financial package worth 7.4 billion euros. The package is designed to support Egypt and help increase electricity sales to Europe.
During the signing ceremony, together with Egyptian President Abdel Fattah al-Sisi, Ursula von der Leyen emphasized that the agreement creates the basis for a strategic partnership between the EU and Egypt.
Thus, the aid package includes €5 billion in loans over four years, €1.8 billion in investments, and hundreds of millions in bilateral projects, including migration issues.
In particular, the agreements provide for an increase in gas and other energy flows to help Europe reduce its dependence on russian gas.
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The signed agreement also provides for cooperation with Sudan in the areas of security, counterterrorism and border protection, particularly in the southern direction.
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