EU and Egypt to Sign a Deal for USD 4.3 Billion Development Assistance

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The package is designed to support Egypt’s economy and address the challenge of limiting future migration across the Mediterranean, with European states seeking to bolster Egypt’s financial position.

Egypt is set to sign a memorandum of understanding with the European Union for a previously agreed financing package worth €4 billion (USD 4.3 billion) in the second half of this year, according to Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat.

The financing is part of a broader €7.4 billion deal reached between Egypt and the EU in March of last year. The package is designed to support Egypt’s economy and address the challenge of limiting future migration across the Mediterranean, with European states seeking to bolster Egypt’s financial position.

Al-Mashat confirmed the news during a press conference on Wednesday, noting that discussions surrounding the funding have been ongoing with a visiting EU delegation since early March. She expressed confidence that the EU’s 27 member states would adopt the financing plan by June.

As part of the agreement, Egypt received the first tranche of the €7.4 billion package, aggregating  €1 billion, in January. The remaining €5 billion, which falls under the EU’s macro-financial assistance program, requires approval from both the European Parliament and EU member states.

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 EU-Egyptian cooperation covers a multitude of fields, including the Interreg Next Med cross-border cooperation program, funded by the European Union, which secured €134 million in funding.