PHOTO
This picture taken on November 1, 2022 shows a view of the skyline of Egypt's capital Cairo, showing the landmark Cairo Tower (2nd-L) built in 1961, the Cairo Opera House (3rd-L below), the high-rise building used as the headquarters of the foreign ministry (C), the Egyptian Radio and Television Union headquarters building (3rd-R), and the Sofitel (2nd-R) and Ramses Hilton (R) hotel buildings. (Photo by Amir MAKAR / AFP) Image used for illustrative purpose.
Egypt -The European Commission has approved the disbursement of a €1 billion loan to Egypt, the Commission announced on its website.
The loan, which represents the first and only tranche under the "EU-Egypt Strategic and Comprehensive Partnership" signed in June 2023, will be transferred within days.
The approval followed Egypt's fulfillment of the terms of an agreement signed with the European Union (EU) earlier this year under the ongoing Macro-Financial Assistance (MFA).
The loan aims to address part of Egypt's fiscal needs for the financial year (FY) 2024/2025, support macroeconomic stability, and aid in implementing the country’s reform agenda in coordination with its ongoing International Monetary Fund (IMF) program.
European Commission President Ursula von der Leyen highlighted that the financial assistance would bolster Egypt’s business environment, attract private investment, and promote job creation.
According to the Commission, Egypt has implemented key measures to secure the loan, including unifying its exchange rate, improving public financial management, and enhancing its social protection programs.
Discussions remain underway for an additional €4 billion in financial assistance as part of the partnership agreement.
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