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Vol 65 No 7

Published 28th March 2024

Fearing a regional meltdown, Brussels pays Egypt $7.4 billion

Cairo's negotiators have astutely played the geopolitical card as EU governments respond to migration panic

The prospect of deepening economic chaos in Egypt and regional shockwaves from Israel's war in Gaza galvanised European Union officials to finalise a €7.4 billion (US$8bn) aid package for President Abdel Fattah el Sisi's government. It is part of a bigger bonanza of over $50bn for Cairo since the start of the Gaza war: $35bn in investments from the United Arab Emirates; a top-up of the IMF credit to $10bn; and another $3bn plus from the World Bank; unspecified payments from Saudi Arabia.

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