The European Union pledges one billion euros to Egypt in the form of financial aid

The European Union said on Friday that it will provide Egypt with one billion euros ($1.07 billion) in short-term financial aid.

The European Union said in a statement this evening that the 1 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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