Egypt and EU Seal 1 Billion Euro Financial Assistance Deal

Egypt and the European Union are poised to sign a 1 billion euro agreement for macro financial assistance. This comes after the EU announced a 7.4 billion euro funding package and an upgraded relationship with Egypt. Additionally, the World Bank pledged $700 million in budget support for Egypt.

Egypt and the European Union are set to sign a 1 billion euro ($1.07 billion) agreement for macro financial assistance, the Egyptian Ministry of International Cooperation said.

The European Union announced earlier in March a 7.4 billion euro($7.95 billion)funding package and an upgraded relationship with Egypt, part of a push to stem migrant flows to Europe. The World Bank also announced on Monday $700 million of budget support for Egypt, part of a 3-year, $6 billion programme that the bank pledged earlier this year amid a windfall of foreign financing for the indebted country.

($1 = 0.9311 euros)