Egyptian prime minister Mostafa Madbouly said on Wednesday that Egypt received last Friday the first tranche of one billion euros under the Partnership Program with the European Union, and that it has already entered the central bank.
First stage
The Egyptian Minister of planning, Rania El-Mashat, announced on December 20, the approval of the European Commission to disburse funding to Egypt worth one billion euros, within the mechanism of macroeconomic and budget support MFA, which is the first stage of funding worth 5 billion euros to be made available until 2027.
The minister explained in a previous statement that this funding is part of the package that was signed last June, and that the approval of the European Commission came after the approval of the House of Representatives on the memorandum of understanding of the macroeconomic and budget support mechanism between Egypt and the European Union.
Strategic summit
Last March, Egypt held a summit with the European Union, during which it was announced that the level of relations was upgraded to a strategic partnership, and under this announcement, a financial package worth 7.4 billion euros was agreed to be distributed over the coming years, to promote European investments in Egypt.
A document published by the European Union at the time showed that the proposed financing includes concessional loans of five billion euros and investments of 1.8 billion euros. The EU will also provide grants of 600 million euros, including 200 million to address migration problems.
Difficult challenges
During the press conference today, Madbouly said that Egypt has gone through very difficult conditions over the past year, in light of the presence of many internal and external complications and challenges.
He added:” Thanks to God, we have overcome these challenges, which were really one of the most difficult challenges, “pointing out that Egypt had obligations estimated at 39 billion dollars,”and thanks to God, the Egyptian state succeeded in paying them, and this year the numbers and burdens will be much less.
