{"id":617186,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/eu-pledges-eur-7-4-bn-aid-package-for-egypt\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"eu-pledges-eur-7-4-bn-aid-package-for-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/eu-pledges-eur-7-4-bn-aid-package-for-egypt\/","title":{"rendered":"EU pledges EUR 7.4 bn aid package for Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EUR 7.4 bn in EU funding:<\/strong> The EU will provide Egypt with a EUR 7.4 bn package of loans, grants, and investments through to 2027, after President Abdel Fattah El Sisi signed a <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/statement_24_1513\" style=\"\" rel=\"noopener\">joint strategic and comprehensive partnership<\/a> with European Commission President Ursula von der Leyen at the Ittihadiya Palace \u2014 who was accompanied by the prime ministers of <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0vXBg47vFza5MdEYyhpbZtZVz8AnyCUxcfj2qK1yhqfm823BsRgmVGj464uN3YAGWl\" style=\"\" rel=\"noopener\">Greece<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0P9xoJ5YXDQCifPgDJZKfdYTt3YVj2PB7xUbiiLP5bdRZaYt4ueQvfHudrTS9epyel\" style=\"\" rel=\"noopener\">Italy<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0hqeuRv93b1fQwJ5VzNyT89G8FM6VK71aUobnVgEv8j8NLmGvyH49UkSR1VrbnkXYl\" style=\"\" rel=\"noopener\">Belgium<\/a>, the chancellor of <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0nZLQB39MvLrMe6zbqDQergEVE4TTss9bVFGZCsHTgRsQ7VxRDk6Mg3zaRBqxPWf8l\" style=\"\" rel=\"noopener\">Austria<\/a>, and the president of <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid03Kenn9HGrjVjYpZBf8LgdywNbKTbJee9UrTd6e9D5BpccYopiVciwq2DfeMzrdAwl\" style=\"\" rel=\"noopener\">Cyprus<\/a> \u2014 yesterday evening (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nv8e4k9wfIc\" style=\"\" rel=\"noopener\">watch, runtime: 1:03:10<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A paradigm shift: <\/strong>The European officials\u2019 visit to Cairo represents a \u201c<strong>very important milestone<\/strong> in the relations between Egypt and the EU,\u201d El Sisi said during a joint presser held after the agreement was signed. The agreement elevates the relationship between the two sides \u201cto the level of a strategic and comprehensive partnership, based on the values of equity and on mutual respect and trust,\u201d according to the joint declaration. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown of the funding:<\/strong><\/p>\n<ul>\n<li><strong>EUR 5 bn in concessional loans<\/strong> to provide macro-financial assistance, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1430.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> by the bloc;<\/li>\n<li><strong>EUR 1.8 bn of \u201cadditional\u201d investments <\/strong>under the Southern Neighborhood Economic and Investment Plan;<\/li>\n<li><strong>EUR 600 mn in grants<\/strong>,including EUR 200 mn for migration management.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Almost at USD 20 bn: <\/strong>Finance Minister Mohamed Maait had previously said that thecountry 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. 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> and EU package puts us at USD 16.1 bn. Maait said we\u2019re in line for <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>, a USD 1-1.2 bn from the IMF\u2019s Resilience and Sustainability Facility, in addition to funding from Japan and the UK. This follows the ADQ\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35 bn agreement<\/a> for the development of Ras El Hekma.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IMF funds disbursed soon? <\/strong>The IMF executive board has yet to put Egypt on its public calendar, which extends through 27 March. We expect the board to meet by month\u2019s end provided the staff-level agreement on our assistant package gets circulated in time to give the board two weeks\u2019 notice of what they will be voting on.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It remains unclear how much of EUR 7.4 bn will be \u201cfresh funds:\u201d <\/strong>Despite the large headline figure touted by the agreement, the breakdown of the funding remains unclear, with some of it being financing that had been deployed some years back. The EUR 35 mn to develop our renewable energy capacities under the government\u2019s Nexus for Food, Water, and Energy initiative (NWFE) listed in the statement accompanying the agreement was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7267be18-acb5-4b9f-874a-e36102c2cad5\/a-lot-of-renewables-%3D-a-lot-of-investment-to-drum-up\" style=\"\" rel=\"noopener\">originally announced<\/a> back in 2022, as was the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cd427aa-f06b-4054-ad8f-a96bc1c9de6a\/we%25e2%2580%2599re-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\" style=\"\" rel=\"noopener\">EUR 100 mn<\/a> from the Food and Resilience and Facility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The partnership follows six pillars of mutual interest<\/strong>, including political relations, economic stability, investment and trade, migration and mobility, security, and education and research cooperation, von der Leyen said during the presser.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Political relations: <\/strong>Egypt and the bloc of European nations will continue to strengthen political dialogue and \u201cpromote democracy, fundamental freedoms, and human rights, gender equality, and equal opportunities.\u201d The presidents of the European Commision and European Council will now meet the president of Egypt every two years for an EU-Egypt summit in addition to yearly meetings of the Association Council.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Economic stability: <\/strong>The agreement entails that the bloc will support the country\u2019s \u201clong-term macro-economic stability and sustainable economic growth\u201d and work towards unlocking private sector inflows. The EU also expressed its willingness to provide financing for \u201cshort-term stabilization needs and medium-term economic development needs\u201d under the agreement, and added that <strong>debt swaps<\/strong> \u2014 to be decided by EU member states \u2014 could \u201cenhance the fiscal space needed for essential investment.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Investment and trade: <\/strong>Green hydrogen, industrial projects, water security, digitization, agriculture, and other areas are expected to bring in up to EUR 5 bn of Egypt-bound investment from Europe guaranteed by the European Fund for Sustainable Development and Economic Investment Plan. Towards this end, the bloc will support an EU-Egypt Investment Conference later this year to encourage private sector inflows into Egypt from Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Renewables cooperation seems to have really caught the interest of the EU: <\/strong>\u201cEgypt has all the resources to become a renewables hub, in particular when it comes to renewable hydrogen,\u201d von der Leyen said. The bloc signaled its intention to invest in our green hydrogen ambitions and projects like <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4cdf86-bd8c-496a-bb9f-a0a96ced5721\/egypt,-greece-explore-ways-to-fund-the%253cmark%253e-gregy-%253c%2Fmark%253einterconnector\" style=\"\" rel=\"noopener\">GREGY<\/a> \u2014 one of Egypt\u2019s planned electricity linkups with Greece \u2014 to enable exports of Egyptian renewable energy into Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Migration and mobility: <\/strong>Financial support should be coming our way to \u201cassist Egypt on migration-related programs,\u201d in tandem with efforts to tackle irregular migration through work programs and other legal pathways. As mentioned by many of the European heads of state at the presser, the bloc recognises the importance of and will continue to support Egypt in hosting the refugees.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Security and law enforcement:<\/strong> The two sides agreed to deepen cooperation to tackle terrorism, cybersecurity threats, and organized crime.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Education and research cooperation: <\/strong>Providing support to develop technical and vocational education and training to develop the country\u2019s workforce was pointed to as the most important pillar of cooperation by von der Leyen during the presser. Egypt is also now eligible to apply to some of the EU\u2019s initiatives to further research and education cooperation with European universities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Criticism of Israel\u2019s war on Gaza also united the leaders: <\/strong>El Sisi and his European counterparts roundly opposed Israel\u2019s potential ground invasion of Rafah, rejected the forceful displacement of Palestinains, and called for more aid to be let into the enclave that is on the verge of famine.\u201cCurrent events confirm once again, the vital role that Egypt plays in the security and stability of the region,\u201d von der Leyen said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More cooperation incoming? <\/strong>El Sisi held one-on-ones with each of the leaders to discuss economic and investment cooperation and the ongoing war in Gaza, an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0R7KgeSxas3j9vqNT9sBdmosZNYSoyJ7A4vvERDpCS9JkZf3SDEHdapnMV4JAPLnKl\" style=\"\" rel=\"noopener\">statement<\/a> said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The agreement aims to take Egypt\u2019s relations with the EU \u201cto the level of a strategic and comprehensive partnership\u201d<\/p>\n","protected":false},"author":1,"featured_media":617187,"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":[96,104,72,7192,696],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-abdel-fattah-el-sisi","tag-economy","tag-enterpriseam","tag-eu","tag-ursula-von-der-leyen","wpautop","entry"],"acf":{"mongo_id":"183954ef-4dc7-49c8-9499-743e77de1e74","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1501.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EU pledges EUR 7.4 bn aid package for Egypt","related_issue":[617181],"teaser":"The agreement aims to take Egypt\u2019s relations with the EU \u201cto the level of a strategic and comprehensive partnership\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.a5200cb4-0e65-4dcb-94e5-147eb8fbf7f1.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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We hope that you\u2019ve accustomed yourselves to the caffeine deprivation and are ready for the second workweek of Ramadan. THE BIG STORY TODAY The EU is set to provide us with a EUR 7.4 bn package of loans, grants, and investments through to 2027,\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":674094,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/23\/eu-unveils-fresh-funding-and-more-from-the-first-eu-egypt-summit\/","url_meta":{"origin":617186,"position":2},"title":"EU unveils fresh funding and more from the first EU-Egypt Summit","author":"enterpriseam admin","date":"23 October 2025","format":false,"excerpt":"Discussions between the two sides touched on trade, security, migration, and what\u2019s next for Gaza","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\/10\/1201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":658090,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/05\/egypt-receives-first-eur-1-bn-tranche-under-macro-financial-assistance-package-from-the-eu\/","url_meta":{"origin":617186,"position":3},"title":"Egypt receives first EUR 1 bn tranche under macro-financial assistance package from the EU","author":"enterpriseam admin","date":"5 January 2025","format":false,"excerpt":"The funds will go towards alleviating external financing constraints, easing the government\u2019s balance of payments and budget needs, and boosting FX reserves","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\/2025\/1\/27.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":673986,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/el-sisi-heads-to-brussels-for-first-ever-eu-egypt-summit\/","url_meta":{"origin":617186,"position":4},"title":"El Sisi heads to Brussels for first-ever EU-Egypt Summit","author":"enterpriseam admin","date":"21 October 2025","format":false,"excerpt":"Good afternoon, friends, and happy hump day. As the weather continues to heat up, it seems the news cycle is starting to cool down. THE BIG STORY TODAY- ?\u00a0President Abdel Fattah El Sisi has touched down in Brussels, Belgium, ahead of the first-ever Egyptian-EU Summit taking place tomorrow. The president\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/9\/739.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617224,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/this-evening-egx30-closes-down-6-3\/","url_meta":{"origin":617186,"position":5},"title":"THIS EVENING: EGX30 closes down 6.3%","author":"enterpriseam admin","date":"18 March 2024","format":false,"excerpt":"Good afternoon, friends, and happy Monday. It\u2019s a relatively slow day so far, which begs the question: Could the fabled Ramadan slowdown finally be upon us?THE BIG STORY TODAY The EGX30 was down 6.3% at today\u2019s close amid a sell-off from local institutional investors, according to market data. 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