Brussels | Belgium - Eco - Fady Labib : The European Commission decided today, Friday, to disburse one billion euros within days, after fulfilling the political conditions agreed upon with the European Union within the framework of the ongoing comprehensive financial assistance program ...
The European Commission
stated on its official website that this financial support will help Egypt
cover part of its financing needs for the fiscal year 2024/2025 and ensure
macroeconomic stability, while supporting its domestic reform agenda in
conjunction with the current International Monetary Fund program.
The European Commission
indicated that the Egyptian economy began to recover earlier in the year after
the announcement of support from the International Monetary Fund and the
European Union, after suffering great pressure on the balance of payments.
While the recovery continues, the economy is still affected by the economic
effects of the Russian war of aggression against Ukraine and the situation in
the Middle East.
Ursula von der Leyen,
President of the European Commission, wrote on her personal account on the
"X" platform: Today we have decided to disburse one billion euros to
Egypt to keep pace with its reform agenda. “We are implementing the
comprehensive strategic partnership signed last June in Cairo, for a stronger
business environment, more private investment and more good jobs for the
Egyptian people,” Der Leyen added.
The European Commission
also explained that this installment comes after the Commission concluded that
Egypt had taken measures to strengthen macroeconomic resilience by unifying the
fragmented exchange rate and improving its public financial management, while
expanding the scope of its social security programme.
Progress has been made
in the business and investment environment, by increasing transparency on
investment and import conditions, and strengthening the role of the Competition
Authority. Progress has also been made in promoting the green transformation by
adopting the updated Egyptian Sustainable Energy Strategy until 2040 and enhancing
private sector participation in renewable energy production.
This agreement, together
with the second €4 billion operation currently under discussion with
participating legislators, forms an essential part of the comprehensive
strategic partnership between the EU and Egypt.
It comes in response to
the multiple economic challenges over recent years, exacerbated by the complex
geopolitical situation in the Middle East, where Egypt is a key pillar of
stability and a strategic partner for the EU.
The European Commission (EC) is the executive branch of the European Union, responsible for proposing legislation, implementing decisions, approving the EU treaties and managing the EU's day-to-day business.
Commissioners take an oath before the European Court of Justice in Luxembourg, pledging to respect the Treaties and to be fully independent in the performance of their duties during their mandate.
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