Arab Finance: The European Union (EU) is looking forward to granting Egypt the €1 billion immediate emergency loan, under the €7.4 billion funding package, before summer, the Head of the EU delegation to Egypt Christian Berger told Asharq Business.

The EU announced earlier in March that the €7.4 billion funding package includes €5 billion in macro-financial assistance, €1.8 billion in investments, and €600 million in grants.

The immediate emergency aid is pending the EU Council’s approval, Berger said, adding that the remaining €4 billion of the €5 billion assistance is subject to the nod of the EU members after being discussed following the European Parliament’s elections set to take place in June.

He noted that the loan’s interest rate will be determined after approval, based on the market. However, Berger stated that it would be modest.

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