Landmark Gas Deal Signed Between Egypt & European Union

Egypt and the European Union have signed a memorandum of understanding (MoU) that will see Egypt facilitate exports of gas to Europe, in an effort to lessen the bloc’s dependence on Russian gas in light of the Russian invasion of Ukraine. 

The MoU was formally signed during the East Mediterranean Gas Forum, and is considered a large step forward towards Egypt’s ambitions of becoming a regional energy hub.

As part of the deal, the European Union has pledged to provide EUR 100 million worth of food support to Egypt, to help the nation recover from grain shortages as a result of the Russia-Ukraine war. The chief of the European Union has also pledged EUR 3 billion to support agriculture, nutrition, water and sanitation programmes across the region over the next few years.