Egypt has secured the first installment of a EUR1 billion (EGP billion 52) financial package from the European Union (EU). The funds, transferred to the Central Bank of Egypt (CBE) last Friday, aim to stabilize the nation’s economy while addressing financing needs for the fiscal year 2024/2025. Prime Minister Mostafa Madbouly confirmed the development during a press conference following Wednesday’s weekly cabinet meeting, stating, “This funding comes at a crucial time, as we continue to implement measures that ensure macroeconomic stability despite the challenges we have faced.” The European Commission approved the loan in December, following Egypt’s fulfillment of specific policy conditions tied to the EU’s Macro-Financial Assistance (MFA) program. The MFA, part of the EU-Egypt Strategic and Comprehensive Partnership, emphasizes collaborative economic reform and resilience-building measures. EU officials stressed that the funding demonstrates Europe’s commitment to supporting Egypt during a period of global economic strain. “[Egypt] is a pillar of stability in the Middle East and a vital partner in ensuring regional security,” the European Commission noted in its announcement The financial package aligns with Egypt’s broader reform initiatives under the International Monetary Fund (IMF) program. Minister of Planning,…
Egypt Receives Initial €1 Billion EU Loan Installment to Bolster Economic Stability
January 7, 2025
