European Parl. approves final reading of 2nd loan tranche to Egypt

The European Parliament on Wednesday approved the final reading of a decision to grant Egypt the second tranche of a macro-financial assistance package worth €4 billion, according to a statement by the Egyptian Foreign Ministry.
The decision was passed by vast majority of 386 members out of 567 present voting in favour. The strong majority reflects broad support across political groups for the strategic and comprehensive partnership with Egypt, as well as appreciation for Egypt’s role in promoting stability in the EU’s southern neighbourhood.
Egypt’s Ambassador to the EU Ahmed Abu Zeid said the vote followed nearly nine months of intensive deliberations within the committees on international trade, foreign affairs, and budget. It also came after round-the-clock engagement by Egyptian officials with MEPs and political group leaders to highlight key aspects of the Egypt-EU relationship.
He said the discussions covered the six pillars of the strategic partnership, Egypt’s efforts to support peace and stability in the Middle East and Africa, and the shared interests underpinning the bilateral partnership.
The European Council is expected to vote on the decision in the coming days, paving the way for disbursement of the second tranche. The funding is set to bolster Egypt’s economic resilience amid mounting international and regional challenges and to support the government’s ambitious development and economic programmes.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama