EU, Egypt finalize €1 B agreement to bolster Egyptian economy

Egypt’s Ministry of International Cooperation announced an upcoming agreement with the European Union for €1 billion ($1.07 billion) in macro-financial assistance. 

This comes on the heels of a broader €7.4 billion ($7.95 billion) funding package and upgraded partnership announced by the EU in March.

The financial support aims to bolster Egypt’s economy amidst a period of challenges. 

The country faces chronic foreign currency shortages and a deteriorating fiscal situation, further impacted by recent regional conflicts and the global repercussions of the war in Ukraine.

This agreement signifies a deepening relationship between Egypt and the European Union. 

The €7.4 billion package, encompassing €1 billion in macro-financial assistance, reflects the EU’s strategic goals in the region, including cooperation on migration management and economic development.

In addition to the EU’s support, Egypt also secured $700 million in budget support from the World Bank on Monday. 

This forms part of a larger three-year, $6 billion program pledged by the World Bank earlier this year. 

This windfall of foreign financing highlights growing international confidence in Egypt’s economic trajectory.

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