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EU speeds up economic aid talks with Egypt amid concerns of conflict spillover
Posted on October 30, 2023 |
The European Union is expediting its efforts to establish a comprehensive economic support agreement with Egypt, driven by concerns about the potential escalation of the Palestine-Israel conflict and the resulting refugee crisis.
Egypt alleges that Israel may be forcing Palestinians into Egyptian territory following two weeks of Israeli airstrikes, which were in retaliation for an attack by Hamas militants on Israeli military targets and towns on October 7.
Egypt, already burdened with significant debt and a severe shortage of foreign currency, is now facing concerns about its medium-term stability and its ability to support its 100 million population amid the conflict along its eastern border.
Although the EU's proposed agreement has informally gained approval from member state representatives, it does not explicitly link EU funding to Egypt's commitment to preventing further migration to Europe or the arrival of Palestinians.
The agreement primarily focuses on funding job creation and supporting Egypt's transition to cleaner energy, indirectly helping prevent a large-scale migration to Europe.