Fearing economic fallout in Egypt from the Gaza crisis, the EU is putting together a 7.4 billion euro ($8.08bn) aid package for Cairo, according to a Financial Times report.

European Commission President Ursula von der Leyen will head to Cairo, along with the Greek, Italian and Belgian PMs, to formally announce the funds, the report added.

Egypt’s economy, already in crisis before the Gaza crisis, has taken a further hit as Israeli attacks edge closer to its border with Rafah and tensions spiral in the Red Sea.