Egypt to Get $122 mln from EU

The European Union (EU) has agreed to provide Egypt 90 million euros (over $122 million) in financial assistance.

EU Foreign Policy Chief Catherine Ashton signed a financial agreement of 90 million euros, as Egypt’s deputy prime minister Ziad Bahaa El-Din met her recently in Brussels, the Belgian capital city, Egyptian news website Ahram Online reported.

Both sides discussed Egypt’s economic situation, and the EU’s assistance to the socio-economic sector and civil society.

In a statement, Ashton said their discussions included Egypt’s implementation of the political roadmap, which entails an elected parliament and president by the summer.

The assistance package includes a financial agreement worth 90 million euros for Egypt, which will be used in projects aimed to increase children’s access to education, social and economic assistance to the most impoverished areas and improvements in unplanned housing, Ashton said.

During earlier visits to Egypt, Ashton had stressed on adopting an inclusive democratic process, recommending the renewal of attempts for a settlement between the interim government and ousted former president Mohamed Morsi’s Muslim Brotherhood party.

Source: Business Standard