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European Commission President Ursula von der Leyen is expected to travel to Cairo shortly alongside the prime ministers of Greece, Italy, and Belgium to finalize the agreement. The package reportedly includes a mix of grants and loans to be disbursed over the next three and a half years, until the end of 2027
The European Union (EU) is finalizing a €7.4bn aid package for Egypt, aiming to bolster the country’s finances amid regional instability. This is to tie down the potentially worsening Egypt’s economic situation and fueling immigration pressures on Europe.
European Commission President Ursula von der Leyen is expected to travel to Cairo shortly alongside the prime ministers of Greece, Italy, and Belgium to finalize the agreement. The package reportedly includes a mix of grants and loans to be disbursed over the next three and a half years, until the end of 2027.
Egyptian Finance Minister Mohamed Maait announced last week that Egypt is seeking to secure a total of USD 20bn in support from various international institutions over the coming period. This follows the recent signing of the USD 35bn Ras El Hekma deal and ongoing negotiations for an International Monetary Fund loan.
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Maait highlighted the positive performance of Egypt’s state budget in the past eight months. He pointed to a significant increase in the primary surplus, exceeding EGP 193bn compared to EGP 41bn the previous year. Additionally, tax revenues during this period reportedly rose by EGP 38.3bn.
