- A Cultural Revolution at the UN Is Long Overdue |
- Cyclone May Form in Bay Late May, Coastal Areas on Alert |
- Over 28,000 Women, Girls Killed in Gaza: UN Women |
EU to Provide €4B in Aid to Support Egypt's Economy
The European Union announced Monday that it plans to provide Egypt with €4 billion ($4.5 billion) in financial aid, aimed at supporting the country’s economic stability in coordination with an ongoing IMF loan programme.
The assistance will take the form of loans and is designed to help Cairo cover part of its fiscal shortfall. The provisional agreement was reached between the EU Council, which represents member states, and the European Parliament. The aid package still requires formal approval by both bodies before any funds are disbursed.
This new commitment builds on Egypt’s broader economic support plan, including an $8 billion IMF package approved last year—an expansion of an earlier 2022 agreement—to address the country’s financial pressures amid ongoing regional instability.
According to the EU Council, disbursement of the new loans will be conditional on Egypt making "satisfactory progress" in implementing the reforms tied to the IMF programme.
This latest funding is part of a deeper strategic cooperation between the EU and Egypt. In March 2024, the two sides signed a comprehensive partnership agreement, which included €5 billion in financial aid. The first €1 billion of that package was disbursed the following month.