A 1 billion euro ($1.07 billion) agreement has been announced between Egypt and the European Union to support the macroeconomy, as announced by the Ministry of International Cooperation in Cairo. This funding is part of a larger package of €7.4 billion that was agreed upon during the Egyptian-European summit in March, which saw a political declaration signed to elevate the relationship between Egypt and the EU to the level of strategic partnership.
Rania Al-Mashat, the Minister of International Cooperation, stated that this initial tranche will be accessible in the second half of the year following its signing at the Egyptian-European investment conference. The ministry outlined that there will be two more tranches planned for disbursement between 2025 and 2027, with each tranche offering favorable repayment terms and interest rates for soft financing.
In addition to this news, The World Bank also announced $700 million in financing on the same day to assist Egypt’s budget. This funding is part of a three-year, $6 billion development policy program aimed at increasing private sector involvement, enhancing macroeconomic and fiscal resilience, and promoting sustainable growth in Egypt.
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