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A view of Cairo and the Nile from above, Egypt. Getty Images
The European Parliament has approved the latest tranche of financial aid for Egypt worth EUR 4 billion ($4.3 billion) to support the country’s economic reform efforts.
The macro-financial assistance earned the backing of the majority or 452 members of the European Union’s (EU) law-making body on Tuesday.
On March 15, 2024, the European Commission proposed to extend up to EUR 5 billion in loans to Egypt as part of a EUR 7.4 billion financial package. A short-term loan of up to EUR 1 billion was already disbursed at the end of last year.
The assistance is part of a wider effort to boost the relations between the EU and Egypt. It is expected to help the country prop up its economy amid significant challenges.
(Writing by Cleofe Maceda; editing by Seban Scaria)
