Urgent.. The European Union accelerates a financial support package for Egypt in a rare measure that bypasses parliamentary oversight
European Commission President Ursula von der Leyen announced on Friday that the European Union intends to accelerate some of its financial aid allocated to Egypt, using an urgent financing procedure that bypasses parliamentary oversight and other guarantees.
Associated Press reported: The American newspaper said that the amount of one billion euros is “equivalent to 1.1 billion dollars.” The allocation for this purpose is part of a larger aid package worth seven billion and four hundred million euros (eight billion dollars). Of the financial aid directed to Egypt, which was announced by the European Union on the 17th of this month of March.
She added that Egypt has been relying on cash aid for years, amid growing fears that economic pressures and regional conflicts will push more immigrants from the region to The shores of Europe.
The European Union package includes grants and soft loans for a period of three years to the largest country in the Arab world in terms of population. Most of the money is known – 5 billion euros ($5.4 billion) – With total financial assistance, which will be paid directly to the Central Bank of Egypt.
The European Union rarely avoids imposing guarantees, but the European Parliament elections have been scheduled to be held from June 6 to 9, a timetable that will slow down Handing over those funds if those guarantees were imposed.
With those elections in mind, von der Leyen announced plans for an “urgent aid operation worth up to one billion euros.” To Egypt, referring in a letter she sent to the President of the European Parliament, Roberta Mizzola, to “the economic and financial situation in the country.” The Associated Press saw this letter before the deal with Egypt was announced.
Von der Leyen attributed the Egyptian economy being widely affected by the economic repercussions of the war in Ukraine and the wars in Gaza and Sudan, " She said that “it is necessary to ensure that the first significant contribution” It will arrive in Egypt by the end of 2024.
To achieve this, the Commission will use the rarely used Article 213 of the European Union Treaties, which stipulates that the seven countries must ratify Twenty members get the money – but not Parliament, the bloc’s only democratically elected institution.
