Egyptian Prime Minister Mostafa Madbouly announced that Egypt has received the first tranche of a one billion euro funding package from the EU, which has been deposited into the Central Bank.
He highlighted the challenges faced by Egypt last year, both domestically and globally, but emphasized the country’s success in overcoming them.
Speaking at a press conference at the Cabinet, Madbouly stated that the Egyptian government has successfully repaid $39 billion in debts, assuring the public that the government has plans in place to meet its future obligations.
In December, European Commission President Ursula von der Leyen announced the provision of one billion euros in support to Egypt as part of the strategic partnership agreement between them.
She stated that the Commission decided to disburse the funds to Egypt to support its reform agenda, foster a stronger business environment, attract more private investment, and create more quality job opportunities for the Egyptian people.
Von der Leyen also highlighted the Commission’s commitment to implementing the comprehensive strategic partnership that was signed in Cairo last June.
Egypt and the EU previously agreed to elevate their relationship to a comprehensive strategic partnership, with the agreement being signed in June following a high-level visit by European leaders to Cairo.
