EU To Disburse €1 Bln of Its Financing Package to Egypt Next Fall: Ambassador BergerSource: www.export-egypt.com 7/14/2024, Location: Africa |
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The European Union (EU) is likely to disburse the first tranche of its 7.4 billion euros financing package to Egypt, worth one billion euros, by next fall (in September or October), head of the EU delegation in Egypt Ambassador Christian Berger told MENA news agency.
Egypt and the EU signed the agreement of this tranche during the Egypt-EU Investment Conference hosted by Egypt on 29-30 June. This package comes under the Strategic and Comprehensive Partnership between the two sides launched in March. The one billion euros are included in a financing package consisting of three main elements: a small financial support valued at one billion euros (already signed); five billion euros in the form of favourable loans, part of the EU's full financial support amounting to 7.4 billion euros within the framework of a strategic and conclusive cooperation; and around 600 million euros for projects in multiple sectors including transport and migration, Berger stated. He also noted that the EU is discussing another memorandum of understanding (MoU) worth four billion euros, the biggest MoU in 2025-2027. Berger added that five-million financing packages were used as financial guarantee packages for the private sector. Moreover, the Egypt-EU conference witnessed the signing of MoUs and deals worth 67.7 billion euros. These MoUs were designed to help support the Egyptian economy amid the turbulent regional state, marking a new era of cooperation between Egypt and the EU. Furthermore, the African Export-Import Bank (Afreximbank) is currently studying the provision of new financing for Egypt worth $3.2 billion. It includes renewal of existing facilities to allow the volume of its facilities to banks and corporations to reach $5 billion by the end of 2024, Executive Vice President Haytham ElMaayergi told Asharq Business with Bloomberg. ElMaayergi also said the total value of the bank's facilities provided to Egyptian banks in the last three years has reached $12.8 billion, $9.5 billion of which is given to the banking sector. |
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