EU Will Disburse First Tranche of EUR 7.4 Billion Financing Package

The European Union is set to disburse the first instalment of its EUR 7.4 billion financing package to Egypt. The first instalment, worth EUR 1 billion, is set to be disbursed by next fall, according to the EU Delegation in Egypt’s Ambassador, Christian Berger.

The agreement between the EU and Egypt for the EUR 7.4 billion financing package was signed during the EU-Egypt Investment Conference, which ran from June 29th to the 30th. The financing package is divided into three segments - the initial EUR 1 billion tranche, EUR 5 billion in favourable loans for strategic and conclusive cooperation, and EUR 600 million for investments in numerous sectors including transport and migration.

The Egypt-EU Conference saw the signing of numerous MoUs and deals amounting to a total of EUR 67.7 billion in funding in order to help bolster Egypt’s economy in the face of its fiscal challenges.