Arab Finance: Egypt has signed the first tranche worth €1 billion under the macro-financial assistance agreement (MFA) with the European Union (EU), as per a statement.

The agreement was signed by the Egyptian Minister of International Cooperation Rania Al-Mashat and the Executive Vice President of the European Commission Valdis Dombrovskis during the Egypt-EU Investment Conference.

The MFA includes financing worth €5 billion, of which the first tranche of €1 billion will be available in the second half (H2) of 2024. The remaining €4 billion is scheduled to be made available from 2025 to 2027.

The first tranche will be provided as a concessional financing with long repayment terms and low interest rates.

The financing is aimed at enhancing the competitiveness of the Egyptian economy, improving the business climate, supporting macroeconomic stability, and driving the green transformation.

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