Egypt seeks Luxembourg’s backing for EU financial aid

Egyptian Foreign Minister Badr Abdelatty met with his Luxembourgish counterpart, Xavier Bettel, on Tuesday in Cairo to discuss strengthening bilateral relations, particularly in economic cooperation and regional security.

During the meeting, Abdelatty expressed Egypt's aspiration to deepen economic cooperation, enhance trade exchange, and attract investments from Luxembourg. The focus of this cooperation includes key sectors such as energy, smart cities, the digital economy, and banking services.

Abdelatty also welcomed Luxembourg's support for Egypt within European Union institutions, particularly acknowledging the European Commission's recent decision to disburse €1 billion, the first installment of a larger €7.4 billion financial assistance package allocated to Egypt. 

Abdelatty expressed hope that Luxembourg would back Egypt in securing approval from the European Parliament for the second tranche of funding, valued at €4 billion.

Regional security and maritime threats

In addition to economic discussions, both ministers addressed pressing regional security issues in Syria, Lebanon, Gaza, Libya, and Sudan. They voiced deep concerns over the growing threat posed by Yemen's Houthi movement to maritime security in the Red Sea.

The ministers highlighted that the Iran-backed Houthi attacks, ongoing for over a year, have significantly disrupted maritime traffic, directly impacting the Suez Canal. The decline in Suez Canal activity poses a serious threat to Egypt's economy, given the canal's role as a vital source of national revenue.

This high-level meeting reflects a mutual interest in expanding diplomatic and economic partnerships between Egypt and Luxembourg. Both nations recognize the strategic importance of fostering stability and securing vital maritime routes in the region.