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| Europe provides €4 billion to support Egypt |
The European Union agrees to provide €4 billion to Egypt to support the economy
Representatives of the European Parliament and governments of the European Union member states reached an agreement to provide €4 billion in loans to Egypt, with the aim of supporting its economy and strengthening cooperation within the framework of a strategic partnership.
The European Parliament said in a statement issued Monday evening: "The representatives of the Parliament and the Polish Presidency of the Council of the European Union concluded an interim agreement to provide macro-financial assistance to Egypt to support its economy."
The statement added that a short-term loan of up to €1 billion had already been disbursed by the end of 2024, and an additional loan of up to €4 billion is now due to be disbursed, according to the German Press Agency (dpa). The Parliament explained that Egypt will have a repayment period extending to 35 years. According to EU capitals, these loans will be disbursed in several installments and will be conditional upon the fulfillment of specific requirements.
The agreement still requires final formal approval. These loans fall within the framework of the strategic partnership signed by the European Union with Egypt in March 2024. This step comes in the context of the increasing number of refugees at the time, and the European Union's efforts to strengthen its relations with Egypt through closer cooperation aimed at reducing irregular migration, as well as strengthening economic and political relations.
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