EU Approves $6.4 Bln Financial Aid Package To Egypt

The European Union has approved a 5bn-euro ($6.4bn) financial support package for Egypt, Egyptian officials say.

A statement by President Mohammed Morsi’s office said the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) would each provide 2 billion euros.

The remaining one billion euros would come from EU member states, the statement added.

The announcement came after Morsi held talks with Catherine Ashton, high representative of the EU for foreign affairs and security policy, in Cairo.

The statement further added that the financial support package to be provided by the European Union to Egypt is a clear message conveying EU’s support for the country’s development process.