Details of the European Union’s announcement to provide one billion euros in aid to Egypt.. video

Friday, April 12, 2024 09:00 PM

Youm7 TV presented special coverage, prepared and presented by our colleague Muhammad Abu Leila, which reviewed an advertisement European UnionHe will provide Egypt with one billion euros ($1.07 billion) in short-term financial aid.

The European Union stated in a statement during the past hours that the billion euros in short-term aid is part of a larger package of 5 billion euros that will be provided in the form of loans.

Another 4 billion euros in long-term aid are scheduled to be allocated during the period from 2024 to 2027, but the 27 member states of the bloc must approve it first.

The statement stated that the loans aim to address Egypt’s public financial situation and meet its financial needs, especially after the outbreak of the Gaza war, the Houthi attacks in the Red Sea, and the repercussions of the Russian-Ukrainian war.

Egypt agreed with the International Monetary Fund last month on an expanded loan program worth $8 billion, and with the European Union on a multi-billion-dollar aid package to enhance cooperation and help limit migration, at a time when it is suffering from an economic crisis due to a chronic shortage of foreign currency.

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