Egypt Hails EU Parliament Approval of $4.3 Billion Aid Tranche
On Tuesday, Egypt praised the European Parliament’s decision to approve a second portion of a major financial support package totaling €4 billion ($4.3 billion), part of a broader European Union (EU) effort to stabilize the country’s economy during ongoing economic challenges. The approval passed with 452 votes in favor.
This latest installment is part of a €7.4 billion package pledged by the EU in March 2024 to be distributed through 2027. The agreement includes €5 billion in concessional loans, aimed at easing financial pressures in Egypt and supporting reforms. Cairo previously received the first tranche—€1 billion—in December 2023.
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The Egyptian Foreign Ministry described the vote as evidence of “the great appreciation that the European Union and its institutions have for the comprehensive strategic partnership with Egypt.”
Egypt has faced a deepening economic crisis, worsened by high inflation, foreign currency shortages, and the global economic fallout from conflicts like Russia’s war in Ukraine and the fighting in Gaza. The country also plays a key role in managing irregular migration into Europe and in regional security cooperation, including efforts to mediate between Israel and Hamas.
European Parliament President Roberta Metsola congratulated Egyptian Foreign Minister Badr Abdelatty on what she called a “positive outcome,” and acknowledged Egypt’s “role in promoting security and stability.”
Abdelatty, in response, welcomed the decision, saying it reflects “the depth of Egyptian-European relations and the vital strategic partnership between the two sides.”
