AE

European Council adopts €1 billion macro-financial assistance to Egypt

13/04/2024

BRUSSELS, 13th April, 2024 (WAM) — The EU will provide €1 billion of urgent short-term macro-financial assistance to Egypt to help stabilise its economy, according to Europa, the official web portal of the European Union (EU).

The aid is meant to address the deteriorating macro-fiscal situation and financing needs of the country over the recent months, notably after the latest developments in the Gaza Strip, the Red Sea and Ukraine.

The €1 billion of short term assistance is part of a package of two proposals to provide macro-financial assistance to Egypt. The second part of the operation, still to be adopted, would provide € 4 billion over the period 2024-2027.

The overall macro-financial assistance accompanies a revamped support programme concluded with the International Monetary Fund (IMF), of up to € 8 billion, which will be made available provided several conditions are met.

The macro-financial assistance will be provided in the form of loans made available in one instalment. A precondition for granting the assistance is that Egypt continues to make concrete and credible steps towards respecting effective democratic mechanisms (including a multi-party parliamentary system) and the rule of law and guaranteeing respect for human rights.

Provided by SyndiGate Media Inc. (Syndigate.info).

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