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European Commission Approves 1.5 Billion Euro Aid to Egypt
The European Commission intends to allocate 1.5 billion euros to Egypt as part of the Macroeconomic Assistance Program, to support economic reforms and aim to transform the Egyptian economy to enhance stability and growth. This funding comes within a financial cycle comprising three tranches, totaling 4 billion euros, which was allocated based on Egypt's implementation of the required reforms, in line with International Monetary Fund conditions and the memorandum of understanding with the European Union. The program aims to strengthen the economy's resilience, improve public financial management, and support the transition to a green economy, with the European Union committed to supporting Egypt with a total amount of up to 7.4 billion euros during 2024-2027.
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