The Clap
The European Union (EU) wants to speed up plans to support Egypt’s economy given the current geopolitical tensions, according to Bloomberg.
What
Given Egypt’s strategic significance, the EU is considering providing Egypt with USD 10 billion in investments.
This money will be directed to different sectors, including transport, agriculture, and energy, according to Bloomberg.
So What
The aid’s goal is to help Egypt manage its increasing foreign debt, and buffer the economy from the impact of Israel’s war on Gaza and the potential spike in refugee flows.
Now What
The timeline and the exact details of EU’s plan are not finalized yet.
Ursula von der Leyen, the European Commission’s President plans to visit Egypt soon to push the plans forward.
