{"id":617001,"date":"2024-03-14T00:00:00","date_gmt":"2024-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/we-could-be-getting-up-to-eur-7-4-bn-from-the-eu\/"},"modified":"2024-03-14T00:00:00","modified_gmt":"2024-03-14T00:00:00","slug":"we-could-be-getting-up-to-eur-7-4-bn-from-the-eu","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/14\/we-could-be-getting-up-to-eur-7-4-bn-from-the-eu\/","title":{"rendered":"We could be getting up to EUR 7.4 bn from the EU"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re in for a big package from the EU:<\/strong> The EU and Egyptian officials are expected to ink an agreement that would unlock EUR bns of funding 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 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/379713a1-7a7b-4b19-a4f8-14913e1cc517\" style=\"\" rel=\"noopener\">visits Cairo<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How much are we talking? <\/strong>The number varies depending on who\u2019s talking. Finance Minister Mohamed Maait earlier this week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">said<\/a> that the country is in line for USD 5-6 bn (EUR 4.6-5.5 bn) in financing from the EU. The <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b84efbb3-3eca-44c4-8cec-0c92fb177fec\" style=\"\" rel=\"noopener\">Financial Times<\/a> says we\u2019re in line for an EUR 7.4 bn package that will come in a mix of grants and loans and aims to prop up the country\u2019s economy and manage migration to the EU. We think the range is more likely to be EUR 5-5.5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s unclear how the package will be structured. <\/strong>How much will be in the form of investment guarantees versus fresh investment, or direct support to the government. The more that flows through the private sector, the better, we say: Institutions such as the EBRD and EIB are doing particularly well identifying private-sector champions and asset managers who can put funding to work here in a way that adds value to businesses and the economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going?<\/strong> The energy sector and boosting trade in the Suez Canal Economic Zone are priority areas for funding, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-13\/eu-aims-for-7-4-billion-aid-package-for-egypt-after-devaluation\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The package includes assistance aimed at helping the country manage the growing number of Sudanese refugees as well as to regulate the Egypt-Libya border, an unnamed EU official told the FT. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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 upon the signing of the agreement and EUR 4 bn in macro-financial support, which will be contingent on reforms under the country\u2019s expanded IMF program and would require the approval of EU member states, the Financial Times reports. The remainder would come from multiple EU sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not all fresh funds: <\/strong>The agreement could repackage existing EU support programs, one EU official told the salmon-colored paper.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The package is \u201cstrategically important,\u201d <\/strong>according to an EU official who spoke to the FT. \u201cWe\u2019re worried about two borders \u2014 the Sudan-Egypt border, where Sudanese are entering the country, and the Egypt-Libya border, where people are exiting,\u201d they said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is seen as a critical ally: <\/strong>The country plays a \u201cvery critical, key role\u201d in curbing irregular migration to Europe, Greek Migration Minister Dimitris Kairidis said. \u201cWe do not have direct flows out of Egypt [but] there are Egyptians crossing through eastern Libya.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More cooperation ahead? <\/strong>The two parties are also working to finalize a joint declaration aimed at addressing issues related to migration, economic stability, security, and water.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- Egypt is in line for more funding: <\/strong>The country could receive a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/298d8f45-7f19-4800-8b35-e7cc6cbad8ba\" style=\"\" rel=\"noopener\">total of USD 20 bn<\/a> in foreign support, including our expanded <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">USD 8 bn IMF program<\/a>, an anticipated <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">USD 3 bn from the World Bank<\/a>, as well as additional funding from Japan, the UK, and the IMF\u2019s Resilience and Sustainability Facility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EUR 1 bn in emergency financial assistance could be extended immediately<\/p>\n","protected":false},"author":1,"featured_media":617002,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,7192,272,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-eu","tag-imf","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"8cc6d2e9-eac7-45f2-812b-040db3f9c44a","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1255.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt could be getting up to EUR 7.4 bn from the EU","related_issue":[616997],"teaser":"EUR 1 bn in emergency financial assistance could be extended immediately","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.4a01fcfb-4441-4880-b59c-b849ae23730a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The plan, which comes as part of\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546268,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/were-getting-eur-138-mn-in-eu-development-grants\/","url_meta":{"origin":617001,"position":1},"title":"We\u2019re getting EUR 138 mn in EU development grants","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"The EU and the International Cooperation Ministry yesterday signed development financing grants worth a total of EUR 138 mn that will fund healthcare projects, administrative reform, and environmental, rural, and community development initiatives, according to a cabinet statement. The funding comes within the framework of the EU-Egypt Partnership Priorities for\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/119.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545675,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/","url_meta":{"origin":617001,"position":2},"title":"We\u2019re getting EUR 100 mn from the EU to tackle food insecurity","author":"enterpriseam admin","date":"7 April 2022","format":false,"excerpt":"The EU is providing Egypt with EUR 100 mn in support to help us tackle rising food prices amid the ongoing war in Ukraine, according to an EU statement. The funding is part of a freshly announced EUR 225 mn Food and Resilience Facility for MENA countries.What will the money\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543677,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/we-could-see-a-slice-of-the-eus-new-investment-plan-for-africa-ebrd-signs-off-new-egypt-country-strategy\/","url_meta":{"origin":617001,"position":3},"title":"We could see a slice of the EU\u2019s new investment plan for Africa + EBRD signs off new Egypt country strategy","author":"enterpriseam admin","date":"13 February 2022","format":false,"excerpt":"EU drafts EUR 20 bn investment plan in Africa \u2014 and some of it could head our way: The European Union (EU) is drafting a EUR 20 bn financing package to support African infrastructure projects in a bid to rival China\u2019s reach in the continent, Bloomberg reports. The plan includes\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":661719,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/04\/planning-minister-eu-mediterranean-commissioner-discuss-strategic-partnership-economic-ties\/","url_meta":{"origin":617001,"position":4},"title":"Planning Minister, EU Mediterranean Commissioner discuss strategic partnership, economic ties","author":"enterpriseam admin","date":"4 March 2025","format":false,"excerpt":"The meeting discussed implementing the second phase of the EU\u2019s macro-financial and budget support program","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/229.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560001,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/11\/eu-lays-out-its-new-strategy-for-the-southmed-and-that-includes-egypt\/","url_meta":{"origin":617001,"position":5},"title":"EU lays out its new strategy for the SouthMed \u2014 and that includes Egypt","author":"enterpriseam admin","date":"11 February 2021","format":false,"excerpt":"Water, public transit and a green economy will become the focus of the European Commission\u2019s support to Egypt under its new agenda for the Southern Mediterranean region (pdf), which was announced yesterday. The commission has allocated up to EUR 7 bn in direct funding in addition to an estimated EUR\u2026","rel":"","context":"In &quot;DEVELOPMENT&quot;","block_context":{"text":"DEVELOPMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/development\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617001"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617001\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617002"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617001"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617001"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}