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Italy & EU View New USD 8 Billion Bailout Aid to Egypt A Gamechanger

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https://trendsnafrica.com/italy-eu-view-new-us8-billion-bailout-aid-to-egypt-a-gamechanger/

(4 Minutes Read) 

The EU deal follows the template of those recently signed with Tunisia and Mauritania pledged funds in return for fortifying their borders. Both Tunisia and Mauritania were key points of departure for migrants crossing the Mediterranean and a stretch of the Atlantic to Italy and Spain, respectively, and they too were criticized for alleged abuses against migrants.

Italy’s Prime Minister Giorgia Meloni praised, while on her visit to Egypt, the new model of cooperation between Europe and the southern shore of the Mediterranean. Significantly, she witnessed an aid package deal signed between the EU and Egypt and lauded that as a historic step.

Setting the context of the mega-deal between the EU and Egypt at the Egypt-EU summit, the Italian Prime Minister said that the deal was the best way to address the problem of illegal migration to fight human traffickers. The best way is to reaffirm the right of the citizens of the African continent not to immigrate towards Europe, she stressed.

The EU announced a 7.4 billion-euro (USD8 billion) aid package for cash-strapped Egypt as concerns mount that economic pressure and conflicts in neighboring countries could drive more migrants to European shores.

The deal was signed in Cairo in a ceremony attended by Egyptian President Abdel Fattah el-Sissi, European Commission President Ursula von der Leyen and leaders of Belgium, Italy, Austria, Cyprus and Greece, as reported by www.trendsnafrica.com.

The aid package includes both grants and loans over the next three years for the Arab world’s most populous country, according to the EU’s mission in Cairo. Most of the funds — 5 billion euros (USD 5.4 billion)— are macro-financial assistance, according to a document from the EU mission in Egypt.

The deal, known as the Joint Declaration, aims among other things to promote democracy, fundamental freedoms, human rights, and gender equality, according to the European Commission. Both sides will also deepen their cooperation to address challenges related to migration and terrorism.The EU will assist Egypt’s government to fortify its borders, especially with Libya, a major transit point for migrants fleeing poverty and conflicts in Africa and the Middle East.

The 27-nation bloc will also support the government in hosting Sudanese who have fled nearly a year of fighting between rival generals in their country. Egypt received more than 460,000 Sudanese since April last year.

Egypt says there are 9 million migrants, including about 480,000 who are registered refugees and asylum-seekers with the U.N. refugee agency. Many of those migrants have established their businesses, while others work in the huge informal economy as street vendors and house cleaners.

Read Also:

https://trendsnafrica.com/eu-to-finalize-a-massive-loan-to-egypt-to-meet-worsening-economic-situation/

https://trendsnafrica.com/60-migrants-drowned-in-the-mediterranean-sea-while-crossing-to-europe-from-libya/

The EU deal follows the template of those recently signed with Tunisia and Mauritania pledged funds in return for fortifying their borders. Both Tunisia and Mauritania were key points of departure for migrants crossing the Mediterranean and a stretch of the Atlantic to Italy and Spain, respectively, and they too were criticized for alleged abuses against migrants.