Parliament approves financial aid package for Egypt

Parliament approves financial aid package for Egypt   Press Releases   Plenary session   INTA   4 hours ago     €4 billion worth of financial aid in loans for Egypt   Support for structural, political and economic reforms   Commission to report back to Parliament on use of funds   On Wednesday, Parliament approved a provisional agreement reached with Council on a macro-financial assistance (MFA) package for Egypt worth €4 billion. A short-term loan of up to €1 billion was already disbursed at the end of 2024. An additional loan of up to €4 billion will now be disbursed. Egypt will have 35 years to repay the loans. The funds’ release is subject to Egypt’s satisfactory implementation of the International Monetary Fund (IMF) programme and other policy measures to be agreed in a memorandum between the EU and the Egyptian authorities. In a yearly report to Parliament and Council, the Commission will examine the progress made, assess Egypt’s economic prospects and evaluate the loans’ impact on the economic and fiscal situation. The Commission will also assess steps taken to shore up democratic mechanisms and the rule of law and to protect human rights in the country. The agreement with Council was approved by 386 votes in favour, 132 against, and with 49 abstentions. Quote Parliament’s rapporteur Céline Imart (EPP, FR), said: “Parliament’s backing for this EU loan reflects its high regard for Egypt as a partner country. By helping Egypt, we are also...