EU Raises Cap for Egypt Aid to 600m Euros

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The European Union has raised the ceiling for financial aid to Egypt from 450 million euros to 600 million euros, which came during current talks to endorse the aid budget for the upcoming three years.

Ambassador Gamal Bayoumi, Secretary General of the Egyptian-European Partnership Unit at the Ministry of International Cooperation, said the EU agreed to increase the value of its aid to Egypt, starting from 2014 till 2016, while approving a new payment system.

The aid may increase to above 600 million euros and may reach 660 million euros, according to the official.
Bayoumi told Al Masry Al Youm gazette that the new aid will be paid in a lump sum for the first time since inking the Egyptian European partnership in 1990s.