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EU Parliament Approves €4 Billion Financial Aid Package for Egypt

Yara Sameh On Wednesday, Parliament approved a provisional agreement reached with Council on a macro-financial assistance (MFA) package for Egypt worth €4 billion. A short-term loan of up to €1 billion was already disbursed at the end of 2024. An additional loan of up to €4 billion will now be disbursed. Egypt will have 35 years to repay the loans. The funds' release is subject to Egypt's satisfactory implementation of the International Monetary Fund (IMF) programme and other policy measures to be agreed in a memorandum between the EU and the Egyptian authorities. In a yearly report to Parliament and Council, the Commission will examine the progress made, assess Egypt's economic prospects and evaluate the loans' impact on the economic and fiscal situation. The Commission will also assess steps taken to shore up democratic mechanisms and the rule of law and to protect human rights in the country. The agreement with Council was approved by 386 votes in favour, 132 against, and with 49 abstentions. Parliament's rapporteur Céline Imart (EPP, FR), said: 'Parliament's backing for this EU loan reflects its high regard for Egypt as a partner country. By helping Egypt, we are also looking after EU interests in an unstable region.' With its macro-financial assistance initiatives, the EU supports partner countries that are struggling with financial, economic and societal challenges, and helps them with structural political and economic reforms. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand