EU commits aid to Egypt

This aid comes as part of a broader effort to stabilize the country's economic outlook

Staff Writer, Arab Finance

April 15, 2024

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The European Union (EU) has pledged €1 billion in short-term financial assistance to Egypt to further bolster its economy, as per a statement by the EU.

This aid comes as part of a broader effort to stabilize the country's economic outlook, which has been marred by chronic foreign currency shortages and exacerbated by recent regional conflicts.

The aid is a component of a comprehensive €5 billion loan package, with an additional €4 billion earmarked for longer-term assistance over the next three years, pending approval from the EU's member states.

The Head of the EU delegation to Egypt Christian Berger told Asharq Business before that the EU is looking forward to granting Egypt the €1 billion immediate emergency loan, under the €7.4 billion funding package, before summer.

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