Egypt: EU 'Approves U.S.$6.4 Billion Egypt Financial Aid Package'

Cairo — The European Union has approved a 5bn-euro ($6.4bn) financial support package for Egypt, Egyptian officials say.

The European Investment Bank will grant Egypt 2 billion euros and the European Bank for Reconstruction and Development a further 2 billion euros, while EU countries will come up with 1 billion euros, the country's presidency said on Wednesday.

An EU official said the aid package's details will be announced later on Wednesday at a press conference.

The announcement came after President Mohamed Morsi met EU foreign policy chief Catherine Ashton in Cairo.

Ashton, who attended a meeting of EU and Arab foreign ministers on Tuesday, is also participating in the EU-Egypt task force which aims at bolstering economic relations between Egypt and Europe.

Representatives of around 100 large European companies and members of the European Commission and European MPs are participating in the meetings that wrap up later on Wednesday.

In a statement, the presidency said the packages was "a strong sign of the EU's support for Egypt's path to development."

Ads by Google

Copyright © 2012 Tunis Afrique Presse. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.