EU reportedly set to provide Egypt with $8B support package

Cairo – March 13, 2024: The upcoming visit of European Commission President Ursula von der Leyen could end with a new $8.08 billion (€7.4 billion) support package for Egypt, according to a report by the Financial Times on Wednesday.

The European Union is reportedly preparing the $8 billion to relieve pressure on the Egyptian economy as concerns over the impact of the ongoing war on Gaza continue to grow.

The European Commission revealed last week that several European officials are set to arrive in Cairo next Sunday, with the delegation comprising European Commission President Ursula von der Leyen and the prime ministers of Greece, Belgium, and Italy.

The Financial Times article suggests that the delegation is coming to finalize and announce the financial agreement.

In a statement released on Friday, European Commission spokesperson Veerle Nuyts announced that Von der Leyen will meet with President Abdel Fattah El Sisi during her visit. She added that the visit is centered on talks for a stronger partnership between the EU and Egypt.

Minister of Finance Mohamed Maait previously shared expectations of a possible financial deal from the World Bank to the tune of $3 billion, as part of a financing package exceeding $20 billion that Egypt expects to obtain from international institutions.

On Sunday, the finance minister revealed that he anticipates around $5-6 billion from the EU, provided in a mixture of grants and loans.

In a statement last week, Maait explained that the overall financing package will include around $9.2 billion from the International Monetary Fund, $3 billion from the World Bank, as well as from other institutions.