Brussels (TDI): The European Union (EU) said on Monday that it would give Egypt another €4 billion ($4.5 billion) in assistance in the form of loans to allow Cairo to meet part of its financial needs, along with an International Monetary Fund loan program already in place.
A tentative deal on the EU aid was reached between the Council of the bloc, representing member countries, and the European Parliament.
The deal must be formally approved by both institutions before the first disbursement can be made.
Early last year, the International Monetary Fund expanded a 2022 loan package for the country from three billion dollars to eight billion dollars to help Cairo tackle economic challenges amid regional instability.
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The EU council stated the disbursement of European loan instalments would be contingent on satisfactory progress in implementing the IMF program.”
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The EU and Egypt in March last year inked a “strategic partnership” which included financial aid of 5 billion euros, of which 1 billion was given over the following month.
