European Parliament Approves €4 Billion in Financial Assistance to Egypt

During its plenary session in Strasbourg on Wednesday, the European Parliament approved the final reading of the decision to grant Egypt the second tranche of the European Union’s Macro-Financial Assistance (MFA) package, valued at €4 billion.

Commenting on the decision, Ambassador Ahmed Abu Zeid, Egypt’s Ambassador to the EU, stated that the overwhelming vote in favor followed nearly nine months of intensive deliberations across the Parliament’s Committees on International Trade, Foreign Affairs, and Budgets.

He noted that the decision also came after continuous diplomatic engagement by the Egyptian side with Members of the European Parliament and leaders of political groups. These efforts focused on highlighting the comprehensive nature of the Egypt-EU relationship, the six pillars of their strategic partnership, and Egypt’s role in promoting stability and peace across the Middle East and Africa.

Ambassador Abu Zeid underscored the significance of the financial support package as a reflection of the mutual interests between Egypt and the EU and as a step toward deepening their strategic partnership.

The European Council is expected to vote on the decision in the coming days, paving the way for the initiation of the disbursement process.

The second tranche is anticipated to strengthen Egypt’s economic resilience in the face of increasing global and regional challenges, while also supporting the government’s ambitious development and economic reform agenda.