Thursday 03 Apr
Egypt has expressed its appreciation for the European Parliament's approval, at its first reading during Tuesday's plenary session, of the second €4 billion tranche of the EU's Macro-Financial Assistance package. This decision received broad cross-party support within the Parliament.
The Ministry of Foreign Affairs stated that the 452-member majority vote underscores the EU's strong recognition of its comprehensive strategic partnership with Egypt. This decision follows the partnership agreement signed by President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen in Cairo in March 2024, and the subsequent Egyptian-European Investment Conference in June.
The Ministry also highlighted that the decision acknowledges
President El-Sisi's regional security and stability efforts, as well as Egypt's
pivotal role as a stabilizing force in the Middle East, South Mediterranean,
and Africa. The EU's support also reflects its commitment to Egypt's ongoing
development and modernization.
European Parliament President Roberta Metsola phoned Foreign
Minister Dr. Badr Abdelatty to congratulate him on the vote, recognizing
Egypt's contribution to regional stability. She also conveyed her regards to
President El-Sisi.
The Foreign Minister expressed Egypt's appreciation,
emphasizing the depth of the Egyptian-European relationship and their vital
strategic partnership.
Recent months have seen extensive diplomatic engagement
between Egypt and EU institutions to reinforce their strategic partnership
across political, economic, and security domains, particularly the six key
areas of mutual interest. Visits by European Parliament leaders, committee
members, and EU Commission delegations aimed to deepen understanding of Egypt's
political and economic reforms.
The approval of the €4 billion tranche follows the
disbursement of the initial €1 billion in December, and six months of
parliamentary committee deliberations.
The next steps involve the European Council's endorsement by
EU-27 ambassadors, followed by tripartite discussions between the Parliament,
Council, and Commission to finalize the decision within weeks.
The total €7.4 billion EU support package, to be disbursed by 2027, includes €5 billion for budget support, €1.8 billion in investment guarantees for European and Egyptian companies, and approximately €600 million for training, technical assistance, and capacity building.
