
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.