The European Commission on Friday announced the issuance of 1 billion euros in loans to Egypt as part of a deal to curb migration struck in June.
According to the commission, Egypt should invest the EU loan in sectors such as clean energy, manufacturing and food security.
The financial assistance, as part of a strategic partnership, will help stabilize Egypt’s economy and support its “own reform agenda”, the EU executive said in a statement.
European Commission President Ursula von der Leyen said on X that the loans will create “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 hit by the months-long war between Israel and Hamas in the neighboring Gaza Strip.
The country of about 105 million people is in economic crisis, including a currency crisis and rising inflation.
