Egypt is expected to receive a $1.7 billion financial assistance package from the European Union within days, marking the next phase of a broader €5 billion (about $5.7 billion) macro-financial support program aimed at strengthening the country’s economy. Egyptian Foreign Minister Badr Abdelatty said on Saturday that the payment would be the first of the two remaining tranches under the EU package. He added that Cairo expects to receive the final instalment by the beginning of autumn. The financial support forms a key pillar of the European Union’s partnership with Egypt as Brussels seeks to promote economic stability in one of Africa’s largest economies and a major strategic partner in the Mediterranean region.
The EU has increasingly strengthened cooperation with Egypt because of its role in managing irregular migration across the Mediterranean, mediating regional conflicts, and helping safeguard trade routes affected by ongoing security challenges in the Red Sea. The latest funding also complements Egypt’s economic reform program backed by the International Monetary Fund, which is focused on restoring macroeconomic stability after years of rising public debt, soaring inflation, foreign currency shortages and pressure on the Egyptian pound. Officials say the reforms are intended to boost investor confidence, strengthen public finances and support long-term economic growth.
