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EU pledges Egypt $1.07bn in financial aid

Date: Apr 12, 2024

The European Union on Friday said it would provide Egypt with $1.07 billion in short-term financial aid to help stabilise the country's economy.

Egypt agreed last month to an expanded $8 billion support programme with the International Monetary Fund and a deal with the EU worth billions to boost co-operation and help curb migration, as it is struggling with a prolonged economic crisis linked to chronic foreign currency shortages.

The $1.07 billion in short-term aid is part of a bigger package worth $5.31 billion in loans, the statement said.

Another $4,25 billion was scheduled as longer-term assistance over the period 2024-2027, but still had to be adopted by the bloc's 27 members.

The loan is meant to address Cairo's deteriorating fiscal situation and financial needs, notably after the outbreak of the Gaza war, the Houthi attacks in the Red Sea and the repercussions of Russia’s war of aggression against Ukraine, the statement said.

--Reuters--

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