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Egypt has said it expects to receive $1.7 billion from the European Union (EU) within days to support its ongoing economic reforms and help restore macroeconomic stability.
The payment will be the first of the two remaining instalments of the EU’s $5.7 billion macro-financial assistance package.
Speaking on Saturday, Egypt’s Foreign Minister Badr Abdelatty said Cairo hopes the final payment will be released before the start of autumn.
The financial support has become a key part of the EU’s strategy to help stabilise one of Africa’s largest economies.
Brussels sees Egypt as an important strategic partner because of its role in managing migration, addressing regional conflicts, and ensuring stability in the Red Sea.
The EU funding also supports Egypt’s ongoing economic reforms under an International Monetary Fund-backed programme.
The reforms are targeted at restoring economic stability after years of rising external debt, high inflation, and foreign currency shortages.
