European Union to Send Egypt Additional €1.5bn

Egypt expects to receive €1.5bn ($1.72bn) from the European Union in the coming days as the next installment of a €5bn ($5.72bn) macro-financial assistance package. Egyptian Foreign Minister Badr Abdelatty announced this at a joint press conference with European Commissioner for the Mediterranean Dubravka Suica.

The remaining €3bn ($3.43bn) is to be disbursed in two equal tranches of €1.5bn ($1.72bn) each, with Cairo expecting the final payment by early fall.

The European Union has so far disbursed €2bn ($2.29bn) to Egypt, providing the first tranche of €1bn ($1.14bn) in January 2025 and the second tranche of the same amount earlier this year.

The macro-financial assistance is part of a broader European Union financial package for Egypt worth €7.4bn ($8.47bn), which Brussels unveiled in 2024. The agreement also includes €5bn ($5.72bn) in concessional loans.

(Reuters, bak)