Financial assistance in the form of a loan of 5 billion euros was signed by the leaders of the EU and Egypt during their first joint summit held yesterday Tuesday in Brussels.

Financial assistance in the form of a loan follows the agreement “strategic partnership” signed in March 2024, amounting to 7.4 billion euros.

It consists of 5 billion euros in soft loans, 1.8 billion euros in additional investments in cooperation with European financial institutions and 600 million euros in aid for specific projects, including 200 million euros to control migration flows.

In the joint statement of the leaders it is pointed out that “Egypt’s role in promoting stability through peace initiatives and conflict resolution efforts in the region is recognized.”

EU and Egypt welcome deal reached to end Gaza conflict proposed by US President Donald Trumpas well as the outcome of the peace conference in Sharm El Sheikh on the 13th of October.

“We call on all sides to continue working on the implementation of the plan, welcoming Egypt’s mediation efforts in this matter”said the joint statement.

In addition, special mention is made of issue of Red Sea security. “Maritime safety and freedom of navigation must be protected in the Red Sea, for the benefit of international security and trade. At the same time we recognize the role played by the EU military operations EUNAVFOR Aspides and Atalanta in this context. Considering that recent regional instability has led to the diversion of shipping lanes and a significant reduction in revenue for Egypt from the Suez Canal, we reaffirm our unwavering commitment to a peaceful, secure and prosperous region based on respect for international law and regional cooperation.”

Yet “EU and Egypt welcome Mediterranean Pact”which aims at unlocking new opportunities, addressing common challenges and moving towards a partnership based on mutual trust. “Together we will build the region’s resilience and create new opportunities for youth, women, small businesses and entrepreneurs to ensure long-term stability”stated in the statement.

For immigrationis recognized “increasing complexity of migration dynamics in the region, as well as the challenges facing Egypt”. Both sides reaffirm their commitment to a comprehensive approach to migration governance. In light of this shared commitment, the EU commends Egypt for hosting millions of refugees and asylum seekers and appreciates continued cooperation with Egypt on this matter.

The EU recalls its financial support in the area of ​​migration and mobility, amounting to EUR 200 million for the period 2024-2027.

In addition, both sides will work closely together, with the aim of creating structured, fair and regular migration routes that will benefit Egypt, migrants and European countries of destination.

The joint EU-Egypt commitment to address its root causes is reiterated irregular immigration. “We underline our common interest to continue strong cooperation in border management to prevent irregular migration, search and rescue and fight migrant smuggling, as well as human trafficking along migration routes. We remain committed to working together on returns, readmissions and sustainable reintegration in a dignified, coordinated and consistent manner with national and international obligations, including through the exchange of information and the sharing of best practices to improve communication and increase effectiveness.” stated in the statement.