The European Union announced on Friday that it had been decided to disburse a soft loan worth 53 billion Egyptian pounds (billion euros) to Egypt. Which helps create more financial space for the government to continue spending on basic services for the population.
The European Union stated – in a statement distributed by the Union delegation in Egypt – that the soft loan comes “as a result of… The strategic and comprehensive partnership signed between President Abdel Fattah El-Sisi and European Union President Ursula von der Leyen during March 2024, where the two parties agreed on a loan package for total financial assistance with a total of 265 billion pounds (5 billion Euros). To identify indicators related to the macroeconomic, population resilience, business environment for job creation, and green transition. Six months after signing, Egypt has now completed the requirements for the first loan worth 53 billion pounds.
The Union’s ambassador-designate to Egypt, Ambassador Angelina Eichhorst, said that the soft loan is “a tangible result.” Important for our strategic and comprehensive partnership after the successful investment conference last June.”
She added that the European Union and Egypt are true partners, "And every day we engage – more and more – in a real dialogue about our common interests, principles and goals.
She indicated that this first tranche of one billion euros of the Union’s total financial aid The European Union is showing closer cooperation than ever.. She said: “We will continue with the member states to work hard with Egypt to create job opportunities, and work on a greener and more vibrant economy for all citizens.” And for a better future on both sides of the Mediterranean.
