(MENAFN) In an endeavor to tackle the ongoing migrant crisis in the Mediterranean region, European leaders are poised to announce a substantial multi-billion-euro financing package and bolster relations with Egypt during a gathering in Cairo scheduled for Sunday. This initiative, although aimed at curbing the flow of migrants, has drawn criticism from human rights groups concerned about the potential repercussions of such measures.
The comprehensive agreement set to be unveiled seeks to deepen collaboration between Europe and Egypt across various sectors, with a particular focus on renewable energy, trade, and security cooperation. Central to this arrangement is the provision of grants, loans, and other forms of financial assistance over the next three years, aimed at bolstering the Egyptian economy and addressing the root causes of migration.
The decision to prioritize cooperation with Egypt stems from longstanding concerns among European governments regarding the risk of instability in the North African nation. With a population of over 106 million, Egypt has grappled with challenges such as foreign currency shortages and economic hardships, leading to a surge in emigration in recent years. Notably, inflation in the country has surged to near-record levels, exacerbating the economic strain on its populace.
However, recent developments have offered a glimmer of hope, as financial pressures on the Egyptian government have somewhat alleviated. This positive trajectory can be attributed to several factors, including a landmark agreement to attract investments from the United Arab Emirates, an expansion of its loan program with the International Monetary Fund, and a significant devaluation of its currency. These measures have provided a much-needed boost to Egypt's economic resilience, potentially mitigating some of the underlying factors contributing to the migration crisis.
As European leaders convene in Cairo to unveil this financing package, they are cognizant of the complexities inherent in addressing migration challenges while upholding human rights principles. The forthcoming agreement represents a concerted effort to strike a delicate balance between addressing immediate concerns and fostering sustainable solutions to alleviate the root causes of migration.
MENAFN17032024000045015682ID1107986720
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.