EU’s €500mn Aid to Egypt Still Pending, Awaits IMF’s Credentials

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The European Union’s €500 million financial aid package to Egypt remains pending, despite being formerly linked to electing a new president for the country.

Ambassador James Moran – Head of European Union Delegation to Egypt – clarified to Amwal Al Ghad on Thursday that the EU still awaits the International Monetary Fund (IMF)’s support for the economic reform programme made by the Egyptian government.

In earlier statement to Amwal Al Ghad, Gamal Bayoumi – Secretary-General of the European Partnership Unit at the International Cooperation Ministry – Egypt received development financial assistance worth €500 million from the EU during the first quarter of 2014. Bayoumi referred last March to Amwal Al Ghad to the Egyptian government’s talks with the EU over further €500 million aid package, yet the latter had linked the aid to the completion of the roadmap in Egypt.