Business

EU to Expedite Egypt Aid, Bypassing Typical Safeguards

Mar 29, 2024 1 min read

Jump to Summary

In an unprecedented move, the European Union is set to expedite a portion of its financial aid to Egypt, utilizing an urgent funding mechanism that circumvents traditional parliamentary scrutiny. A sum of 1 billion euros ($1.1 billion), which is part of a more extensive aid package totaling €7.4 billion, will be rapidly deployed. This larger financial package, announced on March 17, comprises grants and loans favorable to Egypt over a three-year period.

A significant portion of this aid, specifically 5 billion euros, is allocated as macro-financial assistance (MFA) and is to be transferred directly to Egypt's Central Bank. The urgency of this decision is linked to the upcoming European Parliament elections scheduled for June 6-9, which could otherwise delay the funding process.

The swift provision of funds is intended to fortify Egypt's economy, which has suffered from prolonged government austerity measures, the economic impacts of the COVID-19 pandemic, repercussions from Russia's invasion of Ukraine, and regional conflicts, including the Israel-Hamas war in Gaza. This financial support is seen as a crucial lifeline to Egypt, which is grappling with multiple challenges that have destabilized its economic landscape.

#european-union #world #politics

Summary

Other news in business

Draghi Calls for €800bn EU Investment to Compete Globally

The European Union (EU) requires a more coordinated industrial policy, rapid decision-making, and significant investment to remain competitive with the United States and China, according to a report by former European Central Bank chief and Italian Prime Minister, Mario Draghi. The report, commissioned by the European Commission, calls for an

Lilly Promotes Lucas Montarce to EVP and CFO

Eli Lilly and Company (Lilly) has appointed Lucas Montarce as its new executive vice president and chief financial officer (CFO), effective immediately. Montarce, who joined Lilly in 2001, has held various finance leadership roles, including group vice president, corporate controller, and global CFO of Lilly Research Laboratories, Lilly International, and

Methanex Acquires OCI's Methanol Business for $2.05 Billion

OCI Global has entered into a binding equity purchase agreement to sell its Global Methanol Business to Methanex Corporation for $2.05 billion. The transaction will be settled through a combination of $1.15 billion in cash, the issuance of 9.9 million shares of Methanex valued at approximately $450

James Gandolfini Dared HBO Exec to Fire Him During 'Sopranos' Intervention

Former HBO CEO Chris Albrecht has disclosed that James Gandolfini once challenged him to "fire" him from "The Sopranos" after an intervention was staged to persuade the actor to enter rehab for his alcohol struggles. The revelation is part of the new documentary, "Wise Guy: