Egypt and Jordan thank the European Parliament for new financial aid
Egypt and Jordan have praised and thanked the members of the European Parliament for their decision to grant macro-financial assistance (MFA) to the two countries.
On Monday, the European Parliament approved the EU aid with 571 votes in favour, 59 against and 46 abstentions for €500 million ($555 million) concessional loans for Jordan. Egypt will receive €4 billion ($4.4 billion) in assistance, which received 452 votes in favour, 182 against, and 40 abstentions.
European aid boosts Egypt, Jordan
The Egyptian Foreign Ministry said in a statement that the vote was evidence of 'the great appreciation that the European Union and its institutions have for the comprehensive strategic partnership with Egypt.'
Egyptian Foreign Minister Badr Abdelatty said the move reflects 'the depth of Egyptian-European relations and the vital strategic partnership between the two sides'.
Jordan's Foreign Ministry spokesperson, Sufian Qudah, thanked the EU and said the support 'enhances the strategic Jordanian-European partnership and recognises Jordan's endeavour to achieve regional peace and stability.
Given Egypt's economic and financial situation and its role as an important stabilising presence amid geopolitical tensions, the Commission proposed to support the country on 15 March 2024 with macro-financial assistance in the form of loans worth up to €5 billion.
A short-term loan of up to €1 billion was disbursed at the end of 2024. On Monday, the Parliament approved the proposal for a regular loan of up to €4 billion to be disbursed in three instalments.
This is the fourth MFA effort for Jordan by the EU since 2013. It should help cover the country's residual financing needs, support its structural reforms, and shore up its fiscal consolidation efforts. A pre-condition is that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law and guarantees for respect of human rights.
Celine Imart (EPP, France), Parliament's rapporteur said: 'This vote underlines Parliament's support for our partners. The money for Jordan can be delivered quickly, and Parliament will enter into negotiations with member states on the proposal for Egypt with a strong mandate to make a swift agreement.
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