EU prepares 1 billion euro support for Egypt

The European Union (EU) will provide 1 billion euros in support to help the Egyptian economy. The aid decision will enter into force after being published in the Official Journal of the EU.

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EU prepares 1 billion euro support for Egypt

The EU Council announced that the macro-financial assistance prepared for Egypt has been approved.

The statement indicated that 1 billion euros in urgent support will be provided to the country to help stabilize the Egyptian economy.

Recalling that Egypt's financial situation and financing needs have deteriorated recently, the statement noted that the 1 billion euro financial aid is the first phase, and that an additional 4 billion euros in resources will be provided for the 2024-2027 period in the second phase.

EMPHASIS ON 'HUMAN RIGHTS' AND 'DEMOCRACY'

The statement pointed out that the financial support will be provided as a single loan, and that this will be conditional on Egypt continuing to take concrete steps in areas such as democracy, the rule of law, and human rights.

The European Commission had prepared a proposal for a financial aid operation totaling 5 billion euros for Egypt last month.

The aid decision will enter into force after being published in the Official Journal of the EU following this stage.

News Source: AA