The European Commission has disbursed €1.5 billion to Egypt as part of a €4 billion macro-financial assistance program aimed at supporting the country's economic stability and reform efforts, Report informs.
The payment, made on July 24, represents the second of three planned installments under the program.
According to the European Commission, Egypt met the required conditions to receive the funding, including implementing economic reforms, maintaining its program with the International Monetary Fund (IMF), and taking steps toward democratic reforms.
The financial assistance is being provided in the form of concessional loans to help cover part of Egypt's financing needs, preserve macroeconomic stability, and support the continuation of economic reforms.
The commission said the funding "will help ease pressure on Egypt's external finances, including due to the consequences of the current situation in the Middle East."
The ongoing €4 billion MFA programme to Egypt, together with the short-term MFA of €1 billion disbursed at the end of 2024, forms a fundamental part of the EU-Egypt Strategic Comprehensive Partnership concluded in March 2024, totalling €5 billion in MFA support.