EU to bolster Egypt ties with billions in funding

European leaders are expected to announce a multi-billion euro funding package and an upgraded relationship with Egypt in Cairo on Sunday, part of a push to stem migrant flows across the Mediterranean that has been criticised by rights groups.
The agreement is designed to enhance cooperation in areas including renewable energy, trade, and security while delivering grants, loans and other funding over the next three years to support Egypt’s faltering economy.
European governments have long been worried about the risk of instability in Egypt, a country of 106 million people that has been struggling to raise foreign currency and where economic adversity has pushed increasing numbers to migrate in recent years.
Inflation has been running close to record highs and many Egyptians say they struggle to get by. Over the past month, however, the financial pressure on the government has eased as Egypt has struck a record deal for Emirati investment, expanded its loan programme with the IMF, and sharply devalued its currency.