The European Union says it will provide Egypt with 1 billion euros ($1.07 billion) in immediate financial assistance to help bolster its struggling economy, Reuters reports. This aid comes in the wake of Egypt's recent agreement on an expanded $8 billion support program with the International Monetary Fund and a multibillion euro deal with the EU aimed at enhancing cooperation and restricting migration. Egypt is enduring a protracted economic crisis marked by persistent foreign currency shortages.
The 1 billion euros in short-term aid is part of a larger package totaling 5 billion euros in loans, the EU said in a statement. The aid is intended to stabilize Egypt’s deteriorating fiscal and financial situation, exacerbated by the Gaza conflict, Houthi assaults in the Red Sea, and the fallout from Russia’s war of aggression against Ukraine, according to the statement.
A precondition for EU support is that Egypt must continue making tangible progress toward upholding democratic mechanisms (including a multi-party parliamentary system), the rule of law, and respect for human rights, the statement added.
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