EU plans €7.4 billion aid package for Egypt amid regional conflicts

The European Union is preparing a €7.4 billion aid package for Egypt to support its economy amid the war in the Gaza Strip and the ongoing conflict in Sudan.

According to the Financial Times, European Commission head Ursula von der Leyen will visit Cairo on 17 March, along with the prime ministers of Italy, Belgium and Greece, to finalise the details of the plan and formally announce this significant economic aid package to Egypt.

The FT notes that, among other things, Egypt's economy has been significantly damaged by the actions of Yemeni Houthi terrorists, which have led to a dramatic reduction in the number of ships passing through the Suez Canal, one of the main sources of revenue for the Egyptian economy.