Egypt receives first €1 billion tranche of EU financial assistance – PM

Egypt has received the first €1 billion tranche of financial assistance from the European Commission, Prime Minister Moustafa Madbouly announced at a press conference on Wednesday.

Madbouly confirmed that the funds were officially deposited into the Central Bank of Egypt (CBE) last Friday. This financing is part of the macro-financial assistance (MFA) agreement signed with the European Union on 24 July this year, aimed at supporting Egypt’s macroeconomic reforms and fiscal stability.

The MFA agreement represents the initial phase of a larger €5 billion financial assistance package set to be disbursed by 2027. This first tranche will bolster Egypt’s budget, strengthen its economic resilience, and help maintain momentum in the government’s reform agenda.

Attribution: Amwal Al Ghad English