Egypt expects €1.5B EU payment under support package

CAIRO

Egypt said on July 4 it expects to receive 1.5 billion euros ($1.77 billion) from the EU within days as part of a broader 7.4 billion-euro financial support package.

The announcement came during a joint news conference in Cairo between Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for the Mediterranean Dubravka Suica.

Abdelatty said Suica’s visit reflects growing momentum in Egypt-EU relations, with talks focusing on expanding economic and investment cooperation and implementing the EU support package.

He said the package includes 5 billion euros in general budget support for Egypt.
According to Abdelatty, the EU has already disbursed 2 billion euros, while the remaining 3 billion euros will be released in two installments.

He said Cairo expects to receive the first 1.5 billion euros tranche in the coming days and expressed hope that the second installment will be transferred next autumn.

Abdelatty said the funds would help Egypt address the impact of regional and international crises.

He added that Egypt has lost around $10.5 billion in Suez Canal revenue because of regional instability and disruptions to Red Sea shipping.