Arab Finance: Egypt is set to receive €1 billion in emergency funding this year from the European Union (EU) under a €7.4 billion funding package, Reuters reported.

A senior EU commission official revealed to Reuters that the funding package includes €5 billion in macro-financial assistance, €1.8 billion in investments, and €600 million in grants.

The remaining €4 billion of €5 billion assistance is awaiting the approval of the European Parliament.

Egypt’s economy will get the package over the next three years. The funding allocation, developed in close coordination with the International Monetary Fund (IMF), aims to address Egypt's economic challenges.

These finances are part of negotiations during the visit of the European Commission President Ursula von der Leyen to Cairo on March 17^th, joined by prime ministers from Italy, Greece, Austria, and Belgium, as well as the president of Cyprus.

The move will elevate the EU's relationship with Egypt to a strategic partnership, focusing on enhancing collaboration in renewable energy, trade, and security.

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