{"id":616970,"date":"2024-03-13T00:00:00","date_gmt":"2024-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/this-evening-eu-package-valued-at-eur-7-4-bn-could-be-heading-our-way\/"},"modified":"2024-03-13T00:00:00","modified_gmt":"2024-03-13T00:00:00","slug":"this-evening-eu-package-valued-at-eur-7-4-bn-could-be-heading-our-way","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/this-evening-eu-package-valued-at-eur-7-4-bn-could-be-heading-our-way\/","title":{"rendered":"THIS EVENING: EU package valued at EUR 7.4 bn could be heading our way"},"content":{"rendered":"

Good afternoon, folks, and happy almost-Thursday. <\/strong>We can\u2019t seem to feel the Ramadan slowdown, can you?<\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 6:02 pm in the capital, and you\u2019ll have until 4:39 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

EUR 7.4 bn aid package from the EU on its way?<\/strong> The EU is preparing a EUR 7.4 bn package of grants and loans for Egypt as it looks to prop up the country\u2019s economy and stave off immigration from Gaza and Sudan into Europe, the Financial Times<\/a> reports. The two sides aim to ink the agreement on Sunday when a delegation of EU officials \u2014 including European Commission President Ursula von der Leyen and the Greek, Belgian, and Italian prime ministers \u2014 visits Cairo<\/a>.<\/p>\n

The facility is at least 35% bigger than we expected:<\/strong> Finance Minister Mohamed Maait earlier this week reportedly said<\/a> that the country was in line for USD 5-6 bn (EUR 4.6-5.5 bn) in financing from the EU.<\/p>\n

The timeline: <\/strong>The package \u2014 due through to the end of 2027 \u2014 includes EUR 1 bn in emergency financial assistance that could be provided right away. Another EUR 4 bn in macro-financial support is contingent on reforms under the country\u2019s expanded IMF program and would require the approval of EU member states. The remainder would come from multiple EU sources.<\/p>\n

ICYMI- Egypt is in line for more funding: <\/strong>We could receive a total of USD 20 bn<\/a> in foreign support, including our expanded USD 8 bn IMF program<\/a> alongside an anticipated USD 3<\/a>bn in financing from the World Bank<\/a> and additional funding from Japan, the UK, and the IMF\u2019s Resilience and Sustainability Facility.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The Trump versus Biden rematch is dominating headlines in the international press this<\/strong> afternoon. <\/strong>As was broadly expected, both US President Joe Biden and former president Donald Trump earned their parties\u2019 nominations for the US general election, resulting in the first presidential rematch since 1956<\/a>. Biden\u2019s popularity is running low right now, and Trump has been polled as the preferred candidate in many of the \u201cbattleground\u201d states of Pennsylvania, Michigan, Wisconsin, Georgia, Arizona, Nevada, and possibly North Carolina. Biden had been the favorite in these states in 2020 with North Carolina being the only narrow victory. The POTUS will have to regain voter confidence, with disapproval mainly stemming from his hand in Israel\u2019s war on Gaza and many protesting his campaign with an \u201cuncommitted\u201d vote. (Washington Post<\/a> | Associated Press<\/a>)<\/p>\n

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