The European Union has announced that it will provide Egypt with 1 billion euros in short-term financial aid to help stabilize the country's economy. This aid is part of a larger package worth 5 billion euros in loans. Egypt has recently agreed to an expanded support program with the International Monetary Fund and a deal with the EU to boost cooperation and address migration issues.
A general view shows a crowd and shops at Al Ataba, a market in central Cairo, Egypt February 10, 2020.The EU on Friday said it would provide Egypt with 1 billion euros in short-term financial aid to help stabilise the country’s economy.
Egypt agreed last month to an expanded $8 billion support programme with the International Monetary Fund and a deal with the EU worth billions to boost cooperation and help curb migration, as it is struggling with a prolonged economic crisis linked to chronic foreign currency shortages. The 1 billion euros in short-term aid is part of a bigger package worth 5 billion euros in loans, the statement said. Another 4 billion euros were scheduled as longer-term assistance over the period 2024-2027, but still had to be adopted by the bloc’s 27 members.
The loan is meant to address Cairo’s deteriorating fiscal situation and financial needs, notably after the outbreak of the Gaza war, the Houthi attacks in the Red Sea and the repercussions of Russia’s war of aggression against Ukraine, the statement said. As a precondition, Egypt should continue to make “concrete and credible steps towards respecting effective democratic mechanisms and the rule of law and guaranteeing respect for human rights,” the statement said. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies.
EU Egypt Financial Aid Economy Loans Support Program International Monetary Fund Cooperation Migration
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Egypt: EU to Provide Egypt €7.4 Billion Funding PackageThe money, paid out over three years, is partly to help Egypt 'move further away from Russian gas' and fund efforts to curb migration.
Read more »
Egypt: Senate Speaker Praises Egypt, Mauritania RelationsSenate Speaker Abdel Wahab Abdel Razek praised bilateral relations binding Egypt and Mauritania, and the distinguished levels reached by bilateral cooperation.
Read more »
Egypt: UN's Guterres Begins Solidarity Mission to Egypt and Jordan Amid Regional CrisesIn the face of escalating conflicts and humanitarian crises, UN Secretary-General António Guterres is set to embark on his annual Ramadan solidarity trip, commencing this weekend in Cairo, Egypt. The trip, which coincides with the holy month of Ramadan, takes place amid turbulent times, particularly with the ongoing conflict in Gaza.
Read more »
Egypt: Why Egypt Must Pay for Tea in Dollars At Mombasa Despite Currency RejectionEgypt will continue to pay for tea at the Mombasa auction in dollars despite its recent move away from the greenback in international trade.
Read more »
Egypt: In Sisi's Egypt 'Laws Aimed At Curbing Disinformation Are Instruments of Political Repression'Analysis - Two global disinformation experts discuss how the criminalisation of 'fake news' became an excuse for a clampdown on journalists and popular online commentators.
Read more »
Egypt: EU Deal With Egypt Rewards Authoritarianism, Betrays 'Eu Values'Press Release - Migration Control Obsession Ignores Abuses, Entrenches Oppression
Read more »