
File photo of President Abdel Fattah El-Sisi during a meeting with European Commission President Ursula von der Leyen. Photo: Egyptian Presidency
The first tranche is part of the 7.4-billion-euro EU financing package for Egypt, with ongoing discussions to approve the 4-billion-euro second tranche.
According to the statement, the EU’s decision follows Egypt’s fulfilment of policy commitments under the ongoing MFA and its efforts to unify its exchange rate and enhance social safety measures.
The EU’s decision was also based on Egypt’s progress in improving its public financial management and strengthening the role of the competition authority.
“Progress has been made in the business and investment environment, through increased transparency on investment and import conditions,” the EU statement read.
Furthermore, the statement highlighted the state’s achievements in promoting the green transition and advancing private sector participation in renewable energy production.
It highlighted Egypt’s recent economic challenges, which have been exacerbated by regional geopolitical crises.
On 2 December, Egypt’s House of Representatives approved the one-billion-euro first tranche to bolster macroeconomic mechanisms under the EU’s financial aid package for the country.
On 5 December, Minister of Foreign Affairs Badr Abdelatty addressed the EU financing package for Egypt with the EU High Representative for Foreign Affairs and Security Policy Kaja Kallas.
During a phone call, the Egyptian FM underscored the need to intensify communication for the European Parliament to approve the four-billion-euro second tranche.
In March, Egypt’s President Abdel-Fattah El-Sisi and European Commission President Ursula von der Leyen signed the Joint Declaration on the Strategic and Comprehensive Partnership between Egypt and the EU in Cairo.
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