Egypt receives €1 biilion financial support from EU
The European Commission on Thursday disbursed one billion euros (or 1.16 billion dollars) to Egypt in budgetary support as part of a partnership agreement signed in 2024.
“This funding is going where it is needed most: economic stability, democracy, sustainability, and the rule of law,” said European Commission President Ursula von der Leyen.
The payment is the second disbursement of support, totalling €5 billion, and was subject to several conditions, the commission said.
Egypt has implemented reforms to strengthen economic stability, “taken concrete and credible steps towards respecting effective democratic mechanisms” and stayed on track with reforms required by the International Monetary Fund (IMF), according to a statement.
Thursday’s disbursement shows “Egypt’s efforts to build a stronger and greener economy,” von der Leyen said.
The EU aims to expand its cooperation with Egypt in the fight against unwanted migration despite criticism from human rights organizations.
Activists claim that the suppression of critical voices in Egypt has persisted since the country’s closer cooperation with Brussels began.
Critics continue to be arbitrarily arrested and sentenced to harsh prison terms in unfair trials.
The practice of extrajudicial executions also continues with almost complete impunity.
(dpa/NAN)
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