EU Approves € 5 bn Package to Egypt

The European Union approved a 5 billion euro financial support package to Egypt, the Egyptian Presidency said in a statement on 14/11/2012. Under the unprecedented package of financial support, the European Investment Bank will extend 2 billion euros to Egypt and the European Bank for Reconstruction and Development 2 billion euros. European countries will grant Egypt one billion euros, according to the statement.

The Presidency statement was issued after a meeting between President Mohamed Morsi and visiting EU Foreign Policy Chief Catherine Ashton. Ashton attends the Egyptian European workgroup meetings held in Cairo. The meeting of the Egyptian European workgroup is a new framework innovated by the EU after the launching of the Arab Revolutions, with the aim of discussing pressing economic issues of meant countries, thus the EU, in coordination with the European, regional and international financial institutions, would be able to support efforts of confronting them.

Moreover, holding the workgroup meeting, EU keenness on attending the meeting throughout high-level representation, further to the relevant investment and tourist activities with the participation of European businessmen, are considered an important political message from the EU signifying confidence in the Egyptian economy and backing Egypt's stance in its democratic process and efforts to supporting its national economy.